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Swiss Government Reduces Stake in Swisscom

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The Swiss government has reduced its stake in the former state monopoly operator, Swisscom, bringing it within a shave of losing majority ownership of the company.

In a note, Reuters reported that the government had reduced its stake in Swisscom by 5.55 percentage points to 51.22 percent during 2013. The government is however required to maintain a majority stake in the firm, unless it were to seek a change in the current law.

The sale of the shares earned it a reported CHF 1.247 billion (US$1.38 billion).

The sale is not reflected in the company's own website though, which is still showing a government stake at 56.77%.

On the web: Reuters - SIX Swiss Exchange

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Tags: swisscom  Switzerland