The Dutch finance ministry revised the earlier official position about the ownership by the Dutch government of so-called 'golden shares' in telecom operator KPN. Contrary to earlier statements the government does not plan to relinquish its shares in KPN. It has not changed its position on the 'golden shares' in the post and logistics group TPG either. In a statement the finance ministry says that the fundamental position remains that a priority share in a company does not infringe on the free movement of capital. The golden shares grants preferential status to the Dutch government as well as special rights like a veto at important decisions. Besides a golden share the government owns a stake of 31.4% in KPN and 34.8% in TPG. On Wednesday [February 5] the European Commission sent a letter to the Dutch government in which it demanded to sell its golden shares in KPN and TPG. A debate on this matter in Dutch parliament is expected to take place next week on Tuesday. By taking this position the Netherlands is on a collision course with the European Commission. This could end up with a legal dispute in the Court of Justice. At the same time the European Commission is weighing legal action against Denmark, Spain , Italy and the UK for similar constructions.
