Sweden and Denmark deliver on postal merger
TT/The Local · 3 Feb 2009, 10:15
Published: 03 Feb 2009 10:15 GMT+01:00
The Danish state has also agreed to buy the UK firm CVC's shares in Post Danmark on condition that the merger is completed.
"This is because CVC would be a minor share holder in the new postal firm, which would not be in accordance with CVC's investment policy," said the statement.
That CVC is bought out will also give Post Danmark "a greater possibility to focus on the implementation of the Scandinavian merger."
The combined firm will be 60 percent Swedish and 40 percent Danish owned. The board will however be divided equally.
The merger is subject to the approval of the competition authorities and the Minister for Enterprise and Energy, Maud Olofsson, hopes that the fusion will be completed by the summer.
Olofsson confirmed that Fritz H. Schur, Post Danmark's current chairman, will assume the post of chairman for the new firm. The new company's CEO, who will be Swedish, has not yet been announced.