America Movil is set to meet its target 27.7 percent ownership of operator group KPN, despite opposition from the Dutch company – which argued that the Latin American telecoms giant was undervaluing it.

In a statement, America Movil said that the equivalent to 39.66 percent of all issued and outstanding shares in KPN had been tendered for its purchase. However, it only intends to purchase those accounting for around 2.8 percent of the total which, when added to its existing 24.9 percent stake, takes it to its target.

America Movil launched its offer with the intention of staying below the 30 percent level at which a mandatory public offer for all of KPN would be required. The Dutch company said that this may “potentially deter other third parties from making an offer for the whole of KPN in the future.”

In the meantime, KPN has looked at – and abandoned – a plan to sell its German business E-Plus, stating that “the current adverse conditions in financial markets have meant that no agreement could be reached at this time.” It is set to begin the sale process for its Belgian arm, BASE, imminently.

Bloomberg reports that Alejandro Gallostra, an analyst with Banco Bilbao Vizcaya Argentaria, had noted that the success means that “obviously shareholders thought the offer wasn’t as bad as some people said.” With the companies having been at loggerheads over the offer, the issue is now getting the pair to work together, “to see what synergies they can get.”

The Latin American group has been increasing its stake in KPN steadily in recent weeks, having announced its intentions early in May 2012. It is also in the process of increasing its stake in Telekom Austria to 23 percent, positioning it as a “long-term strategic partner” of the company.