Part-privatised Belgian Post could become a subsidiary of the future Nordic postal group to becreated by the merger of Sweden’s Posten and Post Danmark, according to a Belgian minister. Post
Danmark and private equity group CVC already hold 50% minus one share in the Belgian operator.Inge Vervotte, Belgian minister for state-owned companies, floated the idea in interviewswith two newspapers at the weekend. “You should never exclude something like that. Nevertheless, Iwant to maintain a majority holding,” she told De Tijd and L’Echo. But she noted: “The cultures ofthe three companies fit each other.”
The two Belgian newspapers wrote that the Nordic merger raised the question of the future ofthe Post Danmark/CVC holding in Belgian Post. With her comments, the minister had opened the doorto a debate about the future ownership of the postal service, they commented.
At the time of announcing their planned merger on April 1, Post Danmark and Posten said theDanish company’s financial holding in Belgian Post would be carried over to the new merged group,which is due to be created by the end of this year.
CVC currently owns 22% of Post Danmark and will become a minority owner in the new Nordicpostal group, which could be listed in the medium-term. In 2006, Post Danmark and CVC funds inpartnership acquired 50% minus 1 share of the Belgian postal service, De Post – La Poste, with theobjective of developing and modernising the business together with the Belgian State.
The new Swedish-Danish postal group will have four operational divisions: Posten (the Swedishmail business), Post Danmark (the Danish mail business); a merged parcel and logistics divisionunder a new brand; and a merged information logistics business under the Stralfors brand.
Under CEO Johnny Thijs, Belgian Post has successfully restructured its business in recentyears, moving from heavy losses to a net profit of €65 million in 2007, although the restructuringprogramme is not yet complete. Major European postal groups are likely to target the attractiveBelgian market once it is fully liberalised in 2011.
