German Deutsche Post to put 49% of Postbank on market
Deutsche Post, the semi-privatised German postal authority, will put up to 49% of its banking services subsidiary Deutsche Postbank on the market next year, Deutsche Post chairman Klaus Zumwinkel told foreign reporters.
Most of the shares will be placed with institutional investors, he said.
“The stock flotation will happen next autumn,” he said. Deutsche Post in late September had announced the flotation would occur within 18 months, and probably in autumn 2004.
Zumwinkel said US investment bank Morgan Stanley and German group Deutsche Bank had been appointed to negotiate “the placement of up to 49 percent of the shares, and throughout the world. … The biggest part will go to institutional investors.”
The listing is scheduled “only in Frankfurt”, he added.
Revenues from the operation would be used to reduce debt.
