Last Thursday, an independent foundation had intervened in the proposed a EUR7.2 billion offer for KPN. The foundation had power to block America Movil's bid and intends to safeguard the telecoms group's various stakeholders.

The announcement is the latest twist in the takeover deal. Last year, America Movil bought nearly 30% of KPN. Its shares initially increased after the announcement was made. This also reflected the unpopularity of the KPN investment. The purchase for KPN by billionaire Carlos Slim's company had resulted to more than MXN1 billion in paper loss.

The KPN foundation had exercised an option to purchase certain shares that would give it almost 50% voting stock of KPN.

According to KPN, "The foundation has intervened in this way in order to safeguard the interests of KPN and its stakeholders, including shareholders, employees, customers, trade unions and Dutch society more generally. These interests were at risk because America Movil had not consulted with KPN before announcing its intention to make a takeover offer."

A spokesperson for America Movil refused to give statements while KPN's spokesperson did not immediately respond to a request for comment.