HIGH-FIBRE DIET. The chances of a take-private bid for KPN may be receding. The Dutch telecommunications operator on Tuesday announced a joint venture with APG to speed up its fibre optic network rollout beyond towns and cities. The pension fund, which has 575 billion euros under management, had been linked to a possible approach for the 12 billion euro group. Forging a long-term partnership instead makes such hostile action less likely. That explains the 4% decline in KPN’s share price on what should otherwise be positive news. APG is basically paying KPN 440 million euros for half of a yet-to-be-built high-speed broadband network, underscoring the hot demand from infrastructure investors. Without the extra cash, KPN’s fibre rollout, which should now hit 80% of Dutch homes by 2026, would have overstretched its balance sheet, potentially putting its dividend at risk. Shareholders still have something to cheer. (By Ed Cropley)