Dutch operator group KPN put Base, its Belgian operator division, up for sale last week as it looks to improve its “credit profile and financial flexibility”.

The Base announcement follows the collapse of KPN’s discussions with Telefonica to sell its German operator business, E-Plus, to the Spanish operator group. The deal was aimed at preventing shareholders from accepting a partial takeover attempt by Mexican operator group, America Movil.

KPN said in a statement that the decision to sell Base comes after the company reviewed its options for the Belgian division. The sale process is due to commence in July. 

The statement also reiterated KPN's recommendation for shareholders to resist America Movil’s efforts to secure a 28 percent stake at EUR8 per share, as it undervalues the company. However, Bloomberg reports that America Movil, which is controlled by billionaire Carlos Slim, has since increased its KPN stake from 8.7 percent to 21 percent. 

America Movil also acquired a 21 percent stake in Telekom Austria last week, increasing its total stake to just under 23 percent, and increasing its foothold in the European market.