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January 30, 1997updated 05 Sep 2016 12:49pm

TELE DANMARK TO CUT 2,000 JOBS NET IN BIG SHAKE-UP

By CBR Staff Writer

Partially privatized former state telephone company Tele Danmark A/S, Copenhagen has decided that Draconian measures are needed to get itself into shape for the era of free competition, and it yesterday announced a streamlining program that will include a net staff reduction of 2,000 people by the middle of next year, with 2,500 going but 500 new jobs being created, out of a total of 16,500. Seven currently separate divisions will be merged into one, and Internet operations will go into a specialist unit. The lay-offs would entail extra costs but these should swiftly be covered by wage savings, the company said. Tele Danmark is also buying back privately held A-shares in order to phase them out and simplify its equity structure by June 1998. The move raises the state’s share of the company, partially privatized in 1994, to 51.73% from 51.00%; the government has said that it does not see itself retaining control of the company indefinitely, but that it will not be selling any shares in 1997.

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