Spanish Gov. Changes Status of Correos

The Spanish government yesterday approved the conversion of state postal group Correos y Telegrafos into a wholly state owned company, with the aim of granting it greater flexibility to compete in a deregulated European market.” The article states, “Correos y Telegrafos’ future equity will consist of current assets of Pta140.503bn (approximately 844m euros). The operation secures the future of the group’s employee rights, while overall control will fall to a board of directors lead by an executive chairman.
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