Deutsche Post says no special div for German govt from Postbank IPO

Deutsche Post World Net AG reiterated the German government, its majority owner, and the rest of shareholders will not receive a special dividend from the capital raised through the IPO of banking arm Postbank AG.

‘There will be no special dividend,’ Deutsche Post CEO Klaus Zumwinkel told a news conference.

Deutsche Post yesterday postponed until June 23 from June 21 the IPO of Postbank and reduced the bookbuilding price range to 28-32 eur. It also cut the number of shares being offered. It said it hopes to get 1.53 bln-1.74 bln from the revised IPO.

In addition, it will issue a 1 bln eur three-year Deutsche Post bond convertible into Postbank shares.

Zumwinkel reiterated the money raised from the combined IPO and bond issue would be used mainly to expand Deutsche Post’s mail and logistics network in Europe.

He said the money would also be used for possible acquisitions and to pay pension obligations.