Shareholders launched a last minute move to block Mexican network operator América Móvil’s bid to take over KPN, by issuing additional shares in the Dutch telecoms company to enable them “to continue to have their say,” reports De Volkskrant.

América Móvil, which is owned by billionaire Carlos Slim, already has close to a 30 per cent holding in KPN. In early August, the Mexican industry giant offered €7.2 for the rest of the company. However, KPN’s shareholders, who were convinced this amount was too low, judged the América Móvil bid to be “hostile”. They therefore decided to exercise their option to issue new preferential shares.

On August 30, Slim announced that he was ready to withdraw his offer, “if KPN continues to block the deal.”