EU officials have stepped up moves to end the Dutch government’s so-called “golden share” inpostal and express group TNT on competition grounds. The share, dating back to the split of the
Dutch mail and telecoms operator into TPG (now TNT) and KPN in 1998, is mainly designed to preventany hostile takeover of the Dutch national postal operator.The European Court of Justice (ECJ) was told on Thursday that the Dutch government’s specialvoting rights in TNT violated EU competition rules. The ECJ advocate general and adviser PoiaresPessoa Maduro told the EU’s highest legal instance that the Dutch government had failed itsobligations under EU treaty law. The special shareholding could deter investors from other EU fromacquiring shares in the company, thus restricting the free movement of capital within the EU.
The ECJ case was brought by the European Commission which has long sought to end government “golden shares” in former state monopolies or other large companies. The court frequently followsthe opinion of the advocate general.
