Dutch corporate finance – Dividing while still maintainingfull control

New forms of corporate restructuring are appearing in Dutch business. Leading pensions funds are agitating for shareholder value and companies are responding by listing subsidiaries. But some Dutch companies want to retain control of non-core divisions and exposure to their growth prospects, while at the same time benefiting from favourable stock market ratings for these businesses. So they are listing minority stakes in large divisions through so-called equity carve-outs, rather than pursuing full-blown spin-offs: a poor compromise or smart corporate finance? Steven Wilson and Leo van de Voort report.