The Swedish government is planning to sue the Danish state over a breach of the PostNord shareholder agreement, reports Dagens Nyheter.
There is a statutory requirement in Denmark that citizens must be able to receive digital post from the authorities. This has led to a 90% drop in letter deliveries in Denmark since 2000 and the Danish subsidiary of PostNord has seen revenues drop accordingly. With more than 3,000 employees entitled to three years’ severance pay in the event their jobs are axed, the carrier could be facing costs of SEK 6 billion. PostNord has asked the Danish and Swedish governments for a capital injection of SEK 3 billion, but Swedish Enterprise Minister Mikael Damberg has said “this is a Danish problem”. The lawsuit is seen as an attempt to force the Danes to back down
Finance Minister Magdalena Andersson has criticised the Danish government’s attempts to persuade Nordea to place its head office in Copenhagen. “It sounds as though the Danish government is prepared to compete by easing the rules on the finance market. That is a path that the Swedish government will not tread,” she said.
She has also berated CEO Casper von Koskull, saying “many taxpayers, who saved the bank in the 90s, are tired of Nordea’s games”.
DN has previously reported that the Swedish-Danish Postnord is in crisis; a picture confirmed when the company presented its losses of almost SKr 1.6 billion for 2016.
Now Enterprise Minister Mikael Damberg has called in external lawyers and financial advisers to decide how the government should move forward with Postnord.
It is mainly the Danish section that has pulled down the business and Mikael Damberg has reviewed the merger agreement. He points out shortcomings such as not having a long-term perspective and setting far too optimistic forecasts. There are also questions about how the merger’s structure was determined, as Sweden provided 70% of turnover but received only 60% of ownership.