Why has Amsterdam sold Schiphol shares?
First we had the full privatisation of ABN Amro and Fortis, then we had a €10bn capital injection for ING and now there’s an expansion of the scheme to guarantee loans to small firms.
And, of course, the market gardeners are already knocking at the door asking for their own handouts, as soaring gas costs and falling vegetable prices take their toll.
So who will be next to ask for a hand-out because of the credit crisis? The fashion industry because no-one is buying €800 handbags anymore?
You’ve got to draw the line somewhere. Still, as those bastions of capitalism – the banks – are brought back into public hands, Schiphol airport seems to have managed to privatise a little bit of itself after all.
Top dog Gerlach Cerfontaine, who has long hankered after a stock exchange listing, must be pleased as punch, even though he leaves next January and won’t be able to take full advantage of any managerial perks.
But there is one question about the deal between Schiphol and the Paris airports. Apparently some of the shares taken by the French come from Amsterdam – which was always totally opposed to the airport’s privatisation.
So why has the city council decided to weaken its Schiphol interests by selling shares to the French for such a generous price? Answers on a postcard please.
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