(Telecompaper) America Movil said it had a 27.1 percent stake in Dutch operator KPN at the end of 2013, down from the previously announced 29.7 percent. The announcement was made in the publication of its annual results. KPN CEO Eelco Blok told the Financial Times that the company was starting to repair relations with its largest shareholder, after rejecting America Movil's takeover bid last year. He admitted the relationship was "not really good" after the failed bid, but said it has since improved, although "not as good as it was before the offer". The America Movil members on KPN's board are "participating in a constructive manner", the CEO said, and the companies are looking at reforming their working groups, starting first with joint procurement. According to Blok, America Movil has not made clear any further intentions for KPN. The company is prohibited until April from launching a new bid for the group. The KPN CEO said the reason the previous bid broke down was "only about price", as America Movil was unwilling to increase its offer. KPN's shares are now worth around EUR 2.60 per share, compared to America Movi's offer of EUR 2.40.