A statement from KPN says talks with America Movil about its unsolicited bid cover “financial and non-financial matters” but the outcome is “unclear”.

The Dutch operator’s board is in “continuous constructive discussions” with America Movil about its €7.2 billion offer for the shares it does not already own in KPN.

“These discussions are on financial and non-financial matters related to the intended offer including price and terms and conditions, taking into consideration the best interests of all KPN’s shareholders and other stakeholders,” says the statement.

However the company says it is weighing up the interests of not just its shareholders but also employees, customers and other stakeholders including “safeguarding the vital role of KPN in Dutch society”.

“At this stage the outcome of these discussions is not clear,” it concludes.

America Movil has yet to publish a formal offer document.

The statement of the KPN board is interesting because its considerations are not just financial. The concerns it voices are similar to those of the KPN Foundation, the body which is charged with safeguarding stakeholders’ interests.

Unfortunately for America Movil, the foundation recently put a block on the Mexican firm’s bid.

The foundation has exercised an option, which is written into the company’s statutes, which issues it with new preference shares equivalent to a stake of nearly 50 per cent in KPN, which effectively stops America Movil’s takeover, at least for the moment.

The foundation has said it will hold the preference shares only temporarily and will consider from “time to time” when they should be redeemed.