Deutsche Post mulling repercussions vs Deutsche Bank over Postbank

Deutsche Post World Net AG is mulling taking steps against Deutsche Bank AG for creating uncertainty ahead of the initial public offering (IPO) of Deutsche Post’s Postbank unit, Welt am Sonntag reported citing sources at Deutsche Post.

Deutsche Bank is lead manager for Postbank’s IPO, scheduled for June 21.

Deutsche Bank first considered making a bid for Postbank itself, and then last week an internal memo from the bank’s sales division suggested that Postbank is only worth some 4.3 bln eur, the paper said.

Deutsche Post puts its value at at least 6 bln.

Deutsche Bank cannot now be sacked as lead manager, but Deutsche Post is considering either a reduction of the bank’s fees fee for managing the IPO, or legal steps, the paper cited its sources as saying.

The issue is being considered over the long weekend, and a decision will be taken on Monday, the paper said. Today is a public holiday in Germany.

Deutsche Post CEO Klaus Zumwinkel spoke on the phone on Friday with Deutsche Bank’s Josef Ackermann, and ‘unfriendly words’ were exchanged, the paper said.

Another press report over the weekend cited government sources as saying the IPO could be scrapped if the valuation is not significantly above the 4.7 bln eur on Deutsche Post’s books. The government holds around 63 pct of Deutsche Post.