preference stock

According to Eikon, DWS owns around 2% of Volkswagen's preference stock.

The latest setback came after a Dutch independent foundation connected to KPN announced late on Thursday that it was exercising its right to acquire preference stock in the Dutch mobile phone operator, which would give it just under 50 percent of the voting rights in the company.

Under Dutch law, the foundation, which was created when KPN was privatized starting in the mid-1990s, has the right to buy the outstanding so-called preference stock in the Dutch company, which carry voting rights.

KPN has the option to block unwanted bids by handing preference stock to its "Stichting" or foundation.

But such a move - handing preference stock to KPN's "Stichting" or foundation that could outvote other shareholders - is fraught with uncertainty and could backfire through legal challenges by America Movil or KPN's own shareholders.