Mid July Telefonica largely abandoned its takeover strategy. Instead, it will focus on internal growth. "The time has come to change focus, and sweat our assets."
Late August, KPN strengthened its Belgian mobile operation Base by adding the Tele2 Belgium assets to it. This effectively precluded a Belgacom merger or offer.
Look at the above chart to see what investors thought of all this non-M&A activity. Telefonica is no longer a predator, and KPN a much less likely target.