Despite the fact that more expertise in floating off state companies resides in London than anywhere else, and casting doubt on its commitment to European unity, the Dutch government has retained New York investment bank Goldman, Sachs & Co over domestic and European banks to advise on the flotation of Koninklijke PTT Telecom Nederland NV when it is floated on the Amsterdam stock exchange in January next year. Key decisions over the structuring of the offer and in which markets PTT shares will be sold have not been taken yet. The state expects to retain 51% of the voting shares in the company, which employs over 100,000 and saw flat profits of $440m on turnover of $4,370m in first half 1992.
