A Danish pension fund has raised objections to the way Ameritech Corp is carrying out its bid to take a controlling stake in Tele Danmark. Denmark’s PKA pension fund, the biggest pension fund on Denmark’s labor market with 50 billion crowns at its disposal, has lodged a complaint with Copenhagen Stock Exchange about the failure of Ameritech to make bids to minority shareholders in connection with the take-over deal. The fund claims that Ameritech has violated Danish securities legislation. But according to the Copenhagen Stock Exchange, the Ameritech take-over of the government’s shareholding in Tele Danmark was not in breach of the law. Last October, the Danish government relinquished its remaining 51.73% stake in Tele Danmark and Ameritech will, after a reduction in share capital, eventually control 42% stake in the local telecoms operator. Minority shareholders currently have a total stake of around 48% in Tele Danmark and have been pressing to receive a bid from Ameritech in recent months.
