Austrian Post staff vote for stock market flotation
Staff at Austrian Post have voted in support of the company’s planned stock market flotation this summer and an associated pay deal. The vote clears the way for Vienna to press ahead with planning the IPO.
Nearly 26,000 Austrian Post workers were called on by staff unions last week to decide whether to accept the results of negotiations between unions, the post office management and the Austrian government, or support ongoing protests against the IPO. A total of 56% of staff supported the deal in the vote that attracted a 59% participation rate.
The key elements of the deal are employee participation in the IPO, the retention of a 51% state majority holding in the post office, and an extension of the generous voluntary redundancy pay-off scheme.
Austrian Post general director Anton Wais welcomed the result as strengthening as the management’s position. “The overall positive result, with high participation and the clear vote, gives a clear reflection of the attitude of post office staff to their company and the path to the future,” he commented.
The Austrian vice-chancellor and transport minister, with responsibility for postal affairs, Hubert Gorbach, said that the result confirmed the government’s decision in favour of a flotation and reflected staff support for the measure.
Under the privatisation plans, the Austrian government aims to float a 49% stake in the country’s post office, probably in early summer. Austrian Post has embarked on a European expansion strategy, focused on geographical expansion in neighbouring markets and the development of a new B2B European parcels business.
Sources: Austrian Post, CEP-Research
