The Dutch government reduced its stake in service provider KPN to 8 percent, selling 105 million shares to ABN Amro Rothschild and another 60 million shares back to the company. The stake went for a total of €1.4 billion. The government said it would use the money to cut down the state's debt and that by the end of the year it would shed its so-called "golden share," which gives it an effective veto in any acquisition deals, among others.
The Dutch government's departure from the KPN picture makes it much more likely that it will be bought-out in the near future. Telefonica has shown interest in the company in the past but is currently tied up with acquiring O2. There are no clear suitors for the company, but at least now the industry know it's ready and willing.
For more on the Dutch government selling some of its KPN shares:
- take a look at this article from The Times Online