Green light welcomed in historic postal merger
The merger is now ready to be examined by the relevant regulatory authorities.
The Swedish Ministry of Enterprise, Energy and Communications and the Danish Ministry of Transport have signed the final shareholders’ agreement in the merger between Posten AB and Post Danmark A/S. The merger is now ready to be examined by the relevant regulatory authorities.
– Receiving this final go-ahead for the merger from the owners is certainly welcome. The regulatory authorities will now begin their examination, and we will begin our work with structuring the new company to bring home the synergy effects and other strategic advantages of the merger, says Lars G Nordström, President and Group CEO of Posten AB.
The merged company will have an annual turnover of around SEK 45 bn and over 50,000 employees. The Swedish state will own approximately 60% of the equity, the Danish state approximately 40 per cent. Votes will be allocated 50/50 between the Swedish and Danish states. CVC will not be an owner in the new company, which will be headquartered in Solna.
– This is an historic merger between two major national postal companies. The new company will increase our competitiveness in meeting the growing challenges on the communication and logistics markets, ensuring that we are well-positioned to maintain a first-class, competitive messaging and parcel service in both countries while simultaneously strengthening our position in other Nordic countries, says Lars G Nordström.
The letter of intent for the merger of Posten and Post Danmark was signed on April 1st 2008. The merger was approved by the Swedish Parliament on June 18th and by the Danish Parliament on June 12th. The next step in the process is formal approval by the Danish Parliament’s finance committee and approval by the applicable competition authorities. SEB Enskilda and Mannheimer Swartling has acted as Posten’s advisors.
