Mexican firm América Móvil does not intend to increase its €8 a share offer for a 28% stake in Dutch telecoms group KPN, chief executive Carlos Garcia-Moreno told the Financieele Dagblad in an interview.

KPN’s board has rejected the América Móvil offer as an undervaluation. Garcia-Moreno told the paper the criticism ‘will not affect our plan’.
The CEO said he did not understand why he had not been invited by KPN for talks or why a premium on the current share price is considered an under-valuation.
On Thursday it emerged US bank Morgan Stanley has built up a 10% stake in KPN. However, the FD says this later transpired to be part of a complex series of transactions on behalf of clients and that the bank does not have a position in the Dutch telecoms group.