Post wants EU10 Billion for Postbank (Germany)

Deutsche Post AG may struggle to sell its Deutsche Postbank banking division as bidders are unwilling to match price expectations, WirtschaftsWoche reported, citing unidentified Finance Ministry officials.

Deutsche Post wants at least 10 billion euros (USD 16 billion) for Germany’s biggest consumer bank, a person familiar with the matter said, according to the report. That’s above offers of between 8 billion euros and 9 billion euros, the magazine said.

Spain’s Banco Santander SA and Lloyds TSB Group Plc are still interested in acquiring Deutsche Postbank, the magazine said. Deutsche Bank AG doesn’t want to pay more than 10 billion euros for a purchase and Commerzbank AG is no longer bidding for the Bonn-based bank, WirtschaftsWoche said.

Deutsche Post is also getting doubts about selling the banking division that provides stable earnings as the rising oil price is putting pressure on the logistics unit, according to the report.

Deutsche Post AG may struggle to sell its Deutsche Postbank banking division as bidders are unwilling to match price expectations, WirtschaftsWoche reported, citing unidentified Finance Ministry officials.

Deutsche Post wants at least 10 billion euros (USD 16 billion) for Germany’s biggest consumer bank, a person familiar with the matter said, according to the report. That’s above offers of between 8 billion euros and 9 billion euros, the magazine said.

Spain’s Banco Santander SA and Lloyds TSB Group Plc are still interested in acquiring Deutsche Postbank, the magazine said. Deutsche Bank AG doesn’t want to pay more than 10 billion euros for a purchase and Commerzbank AG is no longer bidding for the Bonn-based bank, WirtschaftsWoche said.

Deutsche Post is also getting doubts about selling the banking division that provides stable earnings as the rising oil price is putting pressure on the logistics unit, according to the report.