The German government and the opposition Social Democrats have finally reached an agreement that paves the way for the Deutsche Bundespost Telekom to be partially privatised, but the state corporatists have won the day, and the government will retain 50% plus one share and control, Reuter reports from Bonn: the privatisation law can now be passed by the end of next year and the first shares be offered in 1996; the government had hoped to restrict the state’s stake to a blocking minority of 25% plus one share (the blocking minority does not exist in British or American company law but is widespread on the continent); Gerhard Pfeffermann, chief negotiator for the government, said the government would agree to retain a majority stake if this were not anchored in the consititution, which would allow changing the law at a later date and reducing the state’s stake; he said it would take at least 10 years to sell a 49% stake in the company.
