A member of KPN’s supervisory board appointed by America Movil stepped down with immediate effect, as part of the latter’s reclassification of its 25 per cent stake in the Dutch operator as an asset that is available for sale.

“Oscar von Hauske Solis, COO and board member of America Movil, will step down as a member of KPN’s supervisory board with immediate effect,” a KPN statement said.

“America Movil has informed KPN that, related to the reclassification of its investment in KPN as asset available for sale, it will limit representation in the supervisory board to one member,” the statement added.

America Movil’s CFO, Carlos Garcia Moreno Elizondo, will remain on the supervisory board.

In July America Movil reclassified its investment in KPN from a long-term investment to an “available for sale asset”. It also placed a €3 billion bond exchangeable into KPN shares with 5 year maturity, at which point it can settle in cash, deliver the underlying KPN shares, or a combination of both.

In the same month it was also reported that Altice is not interested in bidding for America Movil’s stake in KPN. Altice’s chairman and founder Patrick Drahi weighed up a bid for a stake in KPN in the past, but did not follow through because the price was too high.