There have been further problems in the flotation of Deutsche Post subsidiary Postbank, which is set for June 21. In a leaked internal document Deutsche Bank valued Postbank at between EUR4.4 billion and EUR5.3 billion while the head of Deutsche Post believes it is worth “at least EUR6 billion”. This revelation came about as it was revealed that Deutsche Bank is, along with Morgan Stanley, to lead manage the flotation.
Read MoreThe Spanish government have appointed the director of the property division of tobacco group Altadis, Damian Santiago Martin, the new chairman of Spanish postal service provider Correos. Mr Santiago Martin replaces Victor Calvo-Sotelo, who has resigned from the company after 18 months there.
Read MoreRoyal Mail bosses are said to preparing to sell the firm to employees to stave off a feared GBP5bn privatisation of the postal industry.
Senior executives are said to believe the Government is considering privatising the sector to boost public coffers.
The Times says company chairman Allan Leighton is preparing to generate a windfall by giving staff shares which would pay dividends.
Read MoreDeutsche Post World Net AG chief executive Klaus Zumwinkel issued a statement today saying his company will not be bullied over the valuation of its retail unit Postbank AG, which plans to carry out an initial public offering.
Zumwinkel’s statement can be interpreted as a broadside against Deutsche Bank AG, which, according to an internal memorandum, values Postbank at 4.4-5.3 bln eur, well below the 6 bln eur value previously flagged by Zumwinkel earlier this year.
Read MoreIndra, the Spanish information technology company, has won a contract to take care of the Iris system of Correos, the Spanish post office.
Iris is used for both customer service and internal applications.
Read MoreThe Board of Directors of FedEx Corporation have declared a quarterly cash dividend of USD0.07 per share on FedEx Corporation common stock, an increase of USD0.01 per share over the previous dividend payment. The dividend is payable July 1, 2004 to stockholders of record at the close of business on June 10, 2004.
Read MoreRoyal Mail is preparing to sell part of its postal business to its employees in order to ward off what it fears will be a full-scale GBP5 billion privatisation of the industry. Senior Royal Mail executives say that the Government is considering privatisation to boost the public finances and are alarmed that a key government adviser has been in talks with banks. The Times has learnt that Allan Leighton, Royal Mail’s chairman, is preparing plans that would bring in billions of pounds in private cash and give employees shares in the business which would pay dividends. Part of that cash would be made up of bank borrowing, where the level of debt would be greatly increased.
Read MoreSweden Post today announced that it has entered into an agreement to sell its Baltic-, Poland- and Russia-based parcel delivery and logistics business operations to Geopost, a wholly owned subsidiary of La Poste. Posten AB partly owns the parcel delivery and logistics companies in Poland and Russia and wholly owns the Baltic businesses. The transaction, a consequence of the new board-sanctioned strategy, will positively affect Sweden Post’s net income and cash flows.
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