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.