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GETRONICS NV: KPN Takeover Cues Moody's to Withdraw Ratings
Moody's Investors Service withdrew the B2 corporate family rating of Getronics N.V. following notification by Royal KPN N.V. (rated Baa2/Stable) of their 97.6% control of the ordinary shares in Getronics and intention to squeeze out minority shareholders.
Moody's concurrently withdrew the rating on the unsecured convertible Dutch bonds due 2008 at Getronics NV given Royal KPN N.V. intention to recall remaining bonds which now total only EUR87,000.
These ratings have been withdrawn:
-- the B2 corporate family rating at Getronics N.V. on review for possible upgrade;
-- the Caa1 rating on EUR10.8 million senior unsecured convertible Dutch bonds due 2008 at Getronics N.V. on review for possible upgrade.
Headquartered in Amsterdam, The Netherlands, Getronics is a leading international Information and Communications Technology provider. For the 12 months ended Dec. 31, 2006, Getronics reported total revenues of around EUR2.6 billion.
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