Big Dutch companies remain well protected against potential foreign buyers, despite pressure from Brussels and shareholders for reform, the Volkskrant reports on Tuesday.

Seventeen of the 25 companies listed on the AEX have the power to set up a friendly foundation to control a majority of the shares as a take-over defence, the Volkskrant says.

Telecom group KPN has used the friendly foundation concept to head off Mexican company América Movil this summer.

The eight remaining AEX companies have other options at their disposal. Civil engineering group Fugro is the best protected with three defensive layers while ING has two, the paper says.