MADRID: Spain's telecom giant Telefonica on Monday said America Movil, KPN's main shareholder, had given an irrevocable commitment to approve the sale of KPN's German subsidiary, E-Plus.

In a statement to the Spanish stock market regulator, Telefonica also said it had improved its offer for E-Plus, for which KPN will now receive 20.5 percent of Telefonica Deutschland instead of 17.6 percent previously.

Telefonica will sign an option to buy back 2.9 percent of its subsidiary after a year at a price of 510 million euros ($683.58 million).