America Movil won't raise KPN offer

|About: America Movil SA de CV (AMX)|By:, SA News Editor

America Movil (AMX, AMOV) has said there is "no way" it will increase its €7.2B bid for KPN (KKPNF.PK) after an independent foundation connected to the Dutch telecom operator moved to block the offer. America Movil has said it is prepared to walk away from the deal.

Spokesman Arturo Elias said America Movil would "have to carefully analyze" whether to sell its 29.8% stake in KPN if the proposal were to be unsuccessful.

Elias also denied the foundation's contention that the America Movil's bid is hostile, saying "we've had lots of conversations with (KPN's) management."