America Movil announced a plan to acquire a controlling stake in Netherlands-based operator KPN, following reports of disquiet between the two after a deal which would see KPN selling its German mobile arm to Telefonica.

According to Reuters, if all shareholders opt to participate, America Movil could end up paying €7.2 billion to take a 100 per cent stake in KPN, valuing the entire business at around €10.2 billion. This compares with the €8.1 billion offered by Telefonica for KPN’s German mobile unit, E-Plus, made up of €5 billion in cash and €3.1 billion of shares in the new venture.

America Movil had an agreement in place with KPN which meant it would not increase its stake above 30 per cent, although this was ended late in July 2013 – shortly after the Telefonica/E-Plus deal was announced.

It was noted that America Movil had not given its approval to the transaction, with suggestions of reservations about the deal.

In a statement, KPN “noted” the new America Movil offer, and said it will “carefully consider America Movil’s Intended Offer as described above consistent with their fiduciary duties and their commitment to the continuity of KPN and the interests of all stakeholders, including all shareholders, and will explore all strategic options open to KPN”.

America Movil is offering €2.40 for shares in KPN, which it said is a premium of around 35 per cent over the average closing price across the last 30 trading days.