Private equity companies EQT and Stonepeak Infrastructure Partners abandoned attempts to takeover Dutch operator KPN after it rebuffed an approach they made earlier this year, business newspaper Het Financieele Dagblad (FD) reported.

Citing sources at the two investment companies, the newspaper noted the parties had shelved the ambition after concluding the business couldn’t be taken over without the cooperation of KPN’s management or supervisory board, neither of which they achieved with their approach.

Interest in acquiring KPN is nothing new with several parties linked to efforts to buy it over the years.

The EQT and Stonepeak approach in April valued KPN at around $15 billion, Bloomberg reported.

In May, KPN rejected two separate unsolicited takeover approaches, including the joint bid by the two investment companies, on grounds neither added value to its growth strategy. The other suitor was investment company KKR.