German state sells 1-billion-euro stake in mail carrier
The German government is to sell to institutional investors a stake in mail carrier Deutsche Post that is worth up to 1 billion euros (1.32 billion dollars), government-owned bank KfW said Monday.
KfW, which handles many federal-government portfolio investments, is overseeing the placement. It said only institutional investors would be able to bid for the stock. Deutsche Post shares are freely traded on the Frankfurt and other German stock exchanges.
The former German post office has diversified into courier and mail services in several countries and owns the parcels service DHL.
The German government is under pressure to raise money so that it no longer breaches the deficit limits in the European growth and stability pact. The stock market has brightened over the past two weeks, with the main DAX index in Frankfurt rising above 4200. dpa jbp ms
