** Shares in Dutch telecommunications company KPN  KPN.AS 
fall over 5.5% after unit of Mexican company America Movil
 AMXL.MX  launches offer of bonds exchangeable into KPN shares 
    ** America Movil announced that its wholly-owned Dutch
subsidiary has launched an offering of about EUR 2.2 billion 
($2.68 billion) principal amount of senior unsecured bonds
exchangeable into ordinary shares of KPN  urn:newsml:reuters.com:*:nNDL3lbQdm
    ** KPN is among worst performers on Stoxx 600  .STOXX  and
also at the bottom of Dutch AEX Index  .AEX 


($1 = 0.8224 euros)

 ((michal.aleksandrowicz@tr.com))