(AP) Mexican carrier America Movil says it has abandoned plans to tender an offer for Dutch telecom Royal KPN NV.
America Movil's bid for KPN hit a major speed bump in late August when an independent group established to protect the company's interests called the "KPN Foundation" branded the takeover attempt as hostile.
In a statement issued Wednesday, the Mexican firm said it has received approval from Dutch regulatory authorities to go ahead. But it said that because the foundation has a near-50 percent stake in KPN, America Movil decided not to go through with the offer of 2.4 euros per share.
Some shareholders felt that offer undervalued KPN.
Billionaire Carlos Slim controls America Movil. The company had previously said it would walk away if no solution was found.