German Govt to Sell More DPWN Shares in 2003

Finance minister Hans Eichel will sell more Deutsche Post World Net AG and Deutche Telekom AG shares next year in order to reduce new government debt to 15.5 bln eur from 21.1 bln eur, Handelsblatt newspaper reported, citing government sources. The lack of other privatisation candidates means Eichel will have to sell more shares in Post and Telekom, it said, adding that Eichel has calculated he will receive about 6 bln in privatisation proceeds in 2003. About 5 bln of the privatisation proceeds will be used to pay for the superannuation of retired postal workers, the paper said. Due to poor market conditions, the transactions will be made via the state-owned development bank, the Kreditanstalt Fuer Wiederaufbau, Handelsblatt said. The German government owns 50 pct plus 26 shares in Deutsche Post, and 43 pct of Deutsche Telekom.