Deutsche Post retreats as deal fails to deliver

Deutsche Post World Net AG moved the initial public offering of Deutsche Postbank AG to Wednesday after an internal memo of Deutsche Bank valuing the Deutsche Post unit at between 4.4bn and 5.3bn was released prior to the roadshow and official subscription period for the IPO. The range was significantly lower than the 6bn projected by Klaus Zumwinkel, chief executive of Deutsche Post. Mr Zumwinkel yesterday said that actions taken by Deutsche Bank had a major impact on Postbank’s valuation. Deutsche Post lowered the number of shares on offer to 55 million, while the target range was adjusted downward by 10% from 31.50-36.50 to 28-32 (USD33.62-USD38.43).