Denmark Rules Against The People: sell a share in state-owned energy giant DONG to Goldman Sachs

Posted on February 2, 2014 by RonMamita — Leave a comment

The Danish government will grant Goldman Sachs veto power, saying it was important for the bank, as a minority stockholder, to have veto power over a majority stock holder.

The purchase gives board positions and veto power to Goldman Sachs on important, strategic energy decisions for the country, one of the world’s leaders in developing renewable energy.

This raises fears, of course, that if green, renewable energy isn’t as immediately profitable for Goldman Sachs as fossil fuels, it’s not unlikely that the corporation will use its veto to block the promotion of clean energy development.

See more at: http://www.occupy.com/article/exposed-outrage-denmark-goldman-sachs-buys-national-energy-company

Published: January 31, 2014

There is public resistance to the deal in Denmark, with an online petition against it approaching a record 200,000 signatures.

The Socialist People’s Party (SF) walked out of the ruling coalition ahead of the parliamentary vote on Thursday, which approved the purchasing a 19 percent stake by a Sachs-controlled consortium for $1.5 billion.

$1.5bn Goldman Sachs deal demolishes Danish ruling coalition

The deal is quite unpopular in Denmark, where some 68 percent of people disapprove of it, according to Bloomberg.

An online petition calling to stop the sale had 150,000 supporters shortly before the vote, an explosive growth from around 68,000 on Saturday. By Friday morning there were almost 200,000 signatures.

On Wednesday evening an estimated 2,500 demonstrators rallied in Copenhagen to protest the deal, despite cold and snow.

People demonstrate against US multinational investment banking firm Goldman Sachs buying into the National Danish electricity supplier DONG in front of the Danish Parliament on January 29, 2014. (AFP Photo / Jeppe Bjoern Vejloe)

Critics of the sale are outraged, that Goldman Sachs will have veto power over any changes in DONG’s leadership and strategy. The right is normally reserved for shareholders with at least a 33 percent stake in a company.
Read more: http://rt.com/news/denmark-government-goldman-sachs-449/
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