On Friday, Carlos Slim's America Movil said that it had been showed lack of respect after Netherlands-based KPN said it would block the deal if the Mexican telecoms did not improve its bid. The proposed offer was valued EUR7.2 billion for the rest of the stake that America Movil does not own in KPN.

America Movil owns 33% stake in KPN. The company said that it has no intention of raising the bid for the remaining stake of KPN according to Slim's chief spokesman Arturo Elias."We are certainly not prepared to negotiate on price, we are also not prepared to negotiate an arrangement where management put any restrictions on us," Elias said.

Elias emphasized that there was no way that America Movil would pay more than its offered bid for KPN. He also hinted that Slim would walk away if it does not gain control of KPN.

Last year, the billionaire tycoon's flagship company sought to expand its operations outside Latin America. This resulted to acquiring 30% of the Dutch company. Earlier this month, America Movil said that it wanted to purchase the rest of KPN.