Dutch state sells stake in TNT

The Dutch state is selling its remaining 10

The Dutch state is selling its remaining 10.9 per cent stake in Dutch mail firm TNT to the company as well as Citibank and UBS.

TNT said it would buy 18.2 million shares worth nearly €600 million from the Dutch state as part of its share-buyback programme which started in November, while Citibank and UBS would buy 27.8 million shares.

Last week, the government said it saw no reason to keep its 10.9 per cent TNT stake after transferring its "golden share" to the company for free following a ruling by the European Court of Justice that the state's holding of a special share was illegal.

A market source said Citibank was placing 2 million TNT shares, which could drive the company's share price lower today, making the former Dutch mail monopoly more vulnerable to a takeover.