Post Danmark and Posten move forward with merger plans

The owners of Post Danmark and Posten have completed the work to prepare the establishment of a joint group with 50,000 staff members and revenues of SEK 45bn.
The owners of Post Danmark and Posten have completed the work to prepare the establishment of a joint group with 50,000 staff members and revenues of SEK 45bn.

Fritz H Schur will be chairman of the supervisory board, just as Lars G Nordström was appointed earlier as CEO and group chief executive of the new group.

The historical merger between Post Danmark and Posten is now in place. The merger will bring about enhanced competitiveness in an increasingly competitive market, which is under strong pressure as a result of the current economic crisis. With the merger, the conditions are strengthened for being able to ensure first-class postal services also in the future.

With the final transactions, which now have been completed, the Danish State has transferred its shares in Post Danmark to the new parent, just as the Swedish State has transferred its shares in Posten to the parent. On the other hand, both states have received new shares in the parent. In the parent, there is a 50/50 distribution of votes between the Danish State and the Swedish State. The ownership interests are based on the original 40/60 distribution, in that correction has simultaneously been made for the 3% of the shares that today are owned by the employees and management of Post Danmark, as well as by Post Danmark itself. As part of the transaction, Posten has distributed SEK1,400m to the Swedish State in accordance with the agreement concluded between the owners.

The parent is a Swedish public limited company (publikt aktiebolag), which until further will carry the company name Posten Norden (publ). The company will be led according to principles that have been agreed between the owners, just as the Swedish code of good corporate governance will be applied to the appropriate extent.

The overall supervisory board of Posten Norden will be appointed at an extraordinary general meeting, which will be held in August 2009. Until the closing of the 2010 AGM, it is recommended that the supervisory board be composed of: Fritz Schur, Mats Abrahamsson, Ingrid Bonde, Gunnel Duveblad, Anne Birgitte Lundholt and Richard Reinius. Until the closing of the 2010 AGM, Fritz Schur is recommended for the position of chairman. At the extraordinary general meeting in August, the Danish State will recommend an additional two members for the supervisory board.

Until the extraordinary general meeting in August 2009, a temporary supervisory boardwill be composed of Fritz Schur (chairman), Anne Birgitte Lundholdt, Marianne Nivert and Richard Reinius.

Marianne Nivert has announced that she does not want to be up for re-election to the supervisory board.

The staff organisations will appoint one Danish and two Swedish members and alternate members to the supervisory board.

Fritz H. Schur, chairman of the supervisory board of the new group, says: ”Large companies in small countries want a bigger, real home market while being simultaneously required to be capable of achieving scale economies. The merger was motivated by these two factors. In addition, it may be an advantage to be a relatively large player in a situation where it is important to play an active role in connection with the coming liberalisation of the European postal market. The new joint group will unite all unique experience and competences, and both companies are characterised by high quality and willingness to develop their business in line with changing customer needs. The new joint group will give us better opportunities to develop our communications and logistics activities and simultaneously retain a world-class postal service.”