An independent foundation of Dutch telecommunications company Koninklijke (KPN) questioned the intentions of billionaire Carlos Slim's EUR 7.2 billion offer for 70% of the firm's shares. Slim already owns a 30% stake in KPN. His company, America Movil, made the bid last month to purchase E-Plus, KPN's German unit and crown jewel. The management of the Dutch company, however, has not yet shown a lot of interest in the billionaire's offer.

The statement issued by the independent foundation could also be a clear indication that it was opposed to striking any deal with America Movil. In a statement, the foundation said, "There is considerable uncertainty about America Movil's intentions, including KPN's intention to sell its German subsidiary E-Plus." The foundation also reiterated that it was formed "to represent the interests of KPN, its associated entities and its stakeholders, in part by protecting KPN as much as possible from influences that might threaten the continuity, independence or identity of KPN entities." In the Netherlands, foundations are a common element in most Dutch companies. These foundations have the power to block hostile takeovers of firms.