Highly overvalued 'aex' is in the (lower) "top-forming" phase (still within the resistance zone ~499-503 - see last week posts) for the 5th session. The prob is high that on a longer horizon the aex-index is forming a 'classic pattern' with its "left-shoulder" at ~500 formed around Mar 20. Given 'pattern timing' is ~7 sessions, we have ~2 sessions left to break above the upper edge ~503 of r-zone, providing further rising till ~510. Otherwise, the prob to complete the "right shoulder" would rise essentially. Then further diving towards the support line ~495 and 'critical level' just under ~480 would be the most probable scenario, triggering correction towards ~450 - the 'pattern target" (if critical level ~480 is broken down - see last week posts). From more 'general' expectations (conditional on current info) the correction, most likely, could take place before the end of July (see old posts).
As for (undervalued) kpn, it's NOT correlated with aex on longer horizons (beta is close to zero). Actually it's a unique 'risk-neutral' fund (in both market & credit/default risks) with still high upside potentials. Such funds have clear advantages, and become even more attractive at high market volatility and expected corrections for indices.
Though, kpn is NOT a "takeover candidate" due to a number of basic reasons (see very old posts), it has (objective) 'fair value' around ~4, and real prospects to rise higher.... Don't forget that CS can't (and is not going to) get out (at least until kpn is priced properly).