AMSTERDAM, The Netherlands-The Dutch government sold a 12-spercent stake, or about 300 million ordinary shares, in Dutch telecom company KPN NV for about $2.2 billion. The sale comes as the government announced plans to cut costs.
The shares were placed on the market by Citigroup Inc., which sold them for about $7.65 each. The government agreed not to sell additional shares for a year. It now has a 19.4-percent holding in KPN.
Analysts said the Dutch government sale makes a dividend from KPN to shareholders more likely than before the sale.
