The foundation set up to protect telecoms group KPN against hostile takeovers plans to remove the takeover defences set up in August.

The foundation issued preference shares in August to stop Mexican company América Móvil gaining control of KPN.

The company has since dropped its efforts to take over the former Dutch state monopoly and the foundation says there is no longer a reason to keep the preference shares.

It has now asked KPN to call a shareholders’ meeting to vote on the proposal. The foundation’s statement reiterated that it retains the right to take action again at a later date.