Deutsche Post rejects idea of selling Postbank to Deutsche Bank

Deutsche Post, the German postal service operator, revealed yesterday that it would not sell Postbank, its banking subsidiary, to a domestic or foreign bidder, but would go ahead with the subsidiary’s planned flotation. Deutsche Post has thus ended negotiations with Deutsche Bank, Germany’s largest bank which had been interested in acquiring Postbank. Deutsche Bank will, however, continue to act as lead manager for Postbank’s flotation, together with Morgan Stanley. Deutsche Post is planning to keep a stake of at least 50 per cent plus one share in Postbank, Germany’s largest retail bank.

Abstracted from Die Welt