Irish govt bill paves way for An Post alliance or flotation
Irish govt bill paves way for An Post alliance or flotation [B]
From BRIDGENEWS GLOBAL MARKETS, May 3rd, 2001
Dublin, May 3 (BridgeNews) – Irish Public Enterprise Minister Mary O’Rourke published a new bill Thursday to allow employees to own shares in An Post, the state-run post office company. The Postal (Miscellaneous Provisions) Bill, 2001, also allows the company to enter into an equity-based alliance with another postal company. It is understood the move paves the way for an eventual flotation of the firm, which in recent years has needed increasing levels of government support.
* * * In a statement, O’Rourke said: “Technology and deregulation are changing the face of the postal sector. The government’s agreement to employee share ownership in An Post underpins in a practical way our support in the semi-state sector generally.” “The bill that has been published today provides An Post with the framework necessary for it to grow and, if necessary, change in an increasingly competitive and internationally connected European marketplace,” she added.
The share ownership scheme was concluded last year as part of a transformation agreement between management and unions at the company. The agreement provides for an employee shareholding of up to 14.9% of the company in exchange for savings and changes in work practices. End
[Begin BridgeLinks] David Cullen, BridgeNews, Tel: +353-1-500-1051 Send comments to [email protected]
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BRIDGENEWS GLOBAL MARKETS, 03rd May 2001
