The takeover of KPN by Mexican group América Móvil has been blocked by a foundation set up to protect the Dutch telecoms group from unwanted advances.

The €7.2bn takeover was launched earlier this summer. América Móvil’s owner Carlos Sim is offering €2.40 per share for the former state-owned monopoly.

The foundation, charged with ensuring the continuity of the company, sees the takeover as hostile and has taken control of almost 50% of KPN’s voting rights.

Privatisation

The Stichting bescherming KPN was founded in 1994 ‘to protect key national infrastructure’ when KPN was being privatised.

In a statement, the foundation said it had taken the step ‘to safeguard in the interests of KPN, shareholders, employees, customers, unions and Dutch society in general.’

It says the Mexican takeover is hostile because Slim chose not to first try to reach agreement with KPN on a merger.

The statement said: ‘The foundation believes that América Móvil should, in accordance with the rules and what is common practice in the Netherlands, open negotiations with KPN’s board of management and the Dutch government as soon as possible.’