Bayern Munich winger Xherdan Shaqiri rejected a €20m (£15.6m) move to Liverpool before signing on loan with Inter Milan, according to Bayern CEO Karl-Heinz Rummenigge.

Shaqiri was expected to leave the German champions in this window and was previously linked with a move to a host of Premier League teams, including Liverpool and Stoke City, before settling on a loan move to Serie A which contains an agreement for a €15m (£11.7m) summer move.

Asked why he turned down Liverpool's larger offer, Rummenigge told reporters that it was down to the lure of playing for the Italian giants.

"I don't owe explanations to anyone. But if you really want to know, it's very simple, the boy only wanted to join Inter and it was the same for us," he told reporters.

"End of story. I also refused offers from half the continent back in the day so I could join Inter. Inter are Inter."

Shaqiri joined Bayern Munich from Basel in 2012.