TNT acquires Golden Share fromDutch State
published: cw 46, 2006 in Mergers & acquisitionsTNT and the State of the Netherlands have reached agreement on the transfer of the Special Share following the ruling by the European Court of Justice on 28 September 2006 that the Special Share contradicts EU law.
The State will transfer the Special Share to TNT for free and both parties have agreed to terminate the special control rights and the other arrangements that are related to the States shareholding in TNT. On its next Annual General Meeting of Shareholders TNT will propose to cancel the Special Share and have its articles of association changed accordingly. Until such date TNT has agreed to neither exercise the rights attached to the Special Share nor sell the Special Share.
What does the TNT ‘Golden Share’ imply?
The State of the Netherlands holds a ‘Golden Share’, giving the State the right to approve decisions which lead to fundamental changes in the TNT group structure. The State has committed itself to exercising the rights attached to the special share only to safeguard the general interest in having an efficiently operating postal system in the Netherlands and also to protect its financial interest as a shareholder. The State may not exercise its special share to protect us from unwanted shareholder influence. The State may also not transfer or encumber the special share without the approval of our Board of Management and Supervisory Board.
Source: TNT
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