The Austrian government has formally approved plans to sell a stake of 49 per cent in AustrianPost. The move, announced by finance minister Karl-Heinz Grasser on January 11, was agreed at a
cabinet meeting on January 12.Austrian chancellor Wolfgang Schüssel commented: “The post office has prepared itself very wellfor this step and is well-placed. Privatisation will give it the freedom to develop better in theEuropean postal market. The privatisation is good for the company, its employees and customers, andfor Austria as a whole.”
The move follows months of controversial debate in Austria over the planned privatisation andcomes ahead of a general election due in autumn 2006. No timing has yet been officially set but thegovernment has previously favoured a spring IPO and a date in the first half of 2006 is likely.
