Deutsche Bank still mulling Postbank takeover for Eur 6 bln
Deutsche Bank AG is still considering a complete takeover of Deutsche Post World Net AG’s retail bank Postbank AG, which has 12 mln customers, for 6 bln eur, reported the Welt am Sonntag newspaper, citing a Deutsche Bank supervisory board member.
‘Yes, we are working on it,’ the board member said.
In the coming two weeks, a decision will first be made, and then an extraordinary meeting of the supervisory board will be called to approve the transaction, the paper said.
A top Deutsche Bank manager told the paper that Germany’s largest bank had already considered a takeover in 2001, but talks were halted.
Speculation of a takeover has continued, even after Deutsche Post unveiled only three days ago the June 21 listing date for Postbank’s initial public offering.
On Thursday, Deutsche Post chairman Klaus Zumwinkel said Deutsche Post aims to remain Postbank’s majority shareholder in the long term, while the head of Postbank, Wulf von Schimmelmann, said there are no signs of any single, major shareholder waiting in the wings.
‘Nothing has changed,’ said Deutsche Post spokesman Martin Dopychai. The German finance ministry and Deutsche Bank declined to comment.
‘We don’t comment on market speculation,’ a Deutsche Bank spokesman said.
The German government is the majority owner of Deutsche Post, while Deutsche Bank is joint lead manager of the Postbank’s IPO.
Only last week, Chancellor Gerhard Schroeder said the consolidation process within the German private banking sector must begin in earnest, ‘preferably in the first half’ of 2004.
In addition, the German government would welcome any extra funds to help close its gaping public deficit.
In an another article to be published tomorrow, Focus magazine reported that the head of Deutsche Bank’s supervisory board Rolf Breuer has called upon Deutsche Bank chairman Josef Ackermann to present a takeover plan for Postbank this month.
However, the magazine said Ackermann is against a takeover.
Tomorrow’s edition of the Spiegel magazine also reports a difference of opinion between Ackermann and Breuer.
It cites Breuer as saying ‘an acquisition in Germany is the right step’, and after Deutsche Bank has strengthened its position within the domestic market, it can ‘expand abroad again’.
Ackermann is, however, more in favour of a European deal, such as merger with Credit Suisse and ABN Amro, the magazine said.
Breuer told DPA news agency said there is no power struggle at Deutsche Bank. ‘There is complete agreement between the supervisory and management boards on the strategy and aims of the Deutsche Bank.’
The Frankfurter Allgemeine Zeitung on Saturday reported that Deutsche Bank had seriously considered taking a stake in Postbank, but turned down an offer from the finance ministry two months ago of a strategic alliance between it and Postbank.
