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Industrial action threatened at Neste and transfer of shares to the State Business Development Company (VAKE)

Government Communications Department
Publication date 20.6.2017 13.43 | Published in English on 20.6.2017 at 15.43
Press release 308/2017

The personnel groups of Neste Corporation have decided on a political protest which is apparently directed against the State’s ownership policy.

- I find it regrettable that personnel groups have decided to resort to this kind of measures. They harm the reputation of Neste Ltd among its customers and, in addition, they will have a detrimental effect on the corporation’s share value, says Mika Lintilä, the minister responsible for ownership steering.

Parliament approved an amendment to the law on ownership steering in early 2017. The revised law defines the ownership limit at 33.4 per cent. It was outlined in the Government Resolution on Ownership Policy on 13.5.2017 that the State's strategic interest can be secured in Neste Ltd with the blocking minority of 33.4 percent.

- It should be noted that if the strike was carried out it would be political by nature since the decisions made at Parliament do not influence the status of employees or the company’s business operations.

- I do hope that the negotiations between Neste's management and personnel groups which are scheduled to begin tomorrow will result in positive outcomes and there will be no strike.

There is a proposal in connection with the supplementary budget now discussed at Parliament that 16.7 per cent of the shares of Neste Ltd be transferred to the State Business Development Company (VAKE); after this the State would own directly 33.4 per cent of Neste. The shares are to be transferred to VAKE by the end of this summer. The State has not made a decision on the sales of shares from VAKE.

Inquiries: Markku Rajala, Special Adviser to Minister Lintilä, tel. +358 50 345 8490, and Eero Heliövaara, Director General, Prime Minister's Office, tel. +358 295 160 150.