Dutch govt to consider sale of remaining 10 pct TNT stake
Dutch Finance Minister Gerrit Zalm has asked parliament if it has any objection to the government eventually selling its remaining 10 pct stake in TNT NV.
In a letter on the sale of TNT shares earlier this month, sent to parliament late yesterday, Zalm cited an agreement from 2001 to inform parliament before taking the government’s stake in TNT below 10 pct.
The government cut its stake from 19 pct on July 12.
While the letter suggests the government may be readying for a further share sale, the remaining holding is subject to a lock-up period until July 2006.
The minister said he no longer sees a financial reason for maintaining the state’s golden share in TNT, which gives it veto rights on major changes at the company.
However, the government will hold on to the golden share for the time being in order to make sure TNT continues to serve the public interest in a postal market set to be opened to full competition from 2007.
Regarding a similar golden share in Royal KPN NV, Zalm said that veto is held purely to protect the government’s financial interest in the company.
Once the government’s stake in KPN drops to 10 pct or less, from 14 pct currently, it will consider giving up the golden share, he said.
