CVC Capital Plans Belgian Post IPO

BRUSSELS, April 30 (Reuters) – Private equity firm CVC Capital Partners is hoping to get 500 million to 700 million euros ($666 million to $932 million) from floating a 25 percent stake in the Belgian postal service later this year, Belgian business daily De Tijd said on Friday.CVC owns 50 percent minus one share in La Poste/De Post and the Belgian state the rest. The partial flotation is expected to take place at the end of 2010.

However, De Tijd said that could be pushed back to 2011 if the European Commission ruled that the postal service had to pay back to the state support it received between 1992 and 2010. The Commission was set to rule in the coming months.

La Poste/De Post was likely to profile itself as a reliable shareholding with a dividend payout of around 6 percent. Some 25 to 35 percent of the shares would be earmarked for retail clients, a high proportion for a listing, De Tijd said.

CVC was not immediately available for comment. La Poste/De Post said it was for shareholders to comment on a possible flotation. (Writing by Philip Blenkinsop; Editing by Hans Peters) ($1=.7508 Euro)