The German state development bank KfW has said it is selling €2 billion worth of shares in the German postal group Deutsche Post.
Kreditanstalt fuer Wiederaufbau is to sell a combination of shares and convertible bonds in Europe’s largest postal service at between €15.80 and €16.70 each, a statement said.
The sale is designed to widen shareholdings and raise the number of investors, a Post spokesman said.
Read MoreThe Postal Service reported a $3.9 billion surplus for 2003 despite declining mail volume, and officials renewed their pledge to keep rates steady until 2006.
The agency had suffered losses the previous two years as mail volume dwindled in the wake of the terror attacks, the anthrax scare and the weak economy. That led to a rate increase last year to the current 37 cents for first-class mail.
The post office was $676 million in the red last year and lost $1.7 billion the year before.
Read MoreThe German public development bank KfW has began selling shares and convertible bonds in Deutsche Post, sending shares in the semi-state post office tumbling.
Kreditanstalt fuer Wiederaufbau bank (KfW), traditionally used by the government as a vehicle for privatisation, said it would raise about €2billion ($2.4 billion) from the sale of the shares and the bond issue.
A trader said the shares represented about 0.5% of Deutsche Post capital. The sale is designed to widen shareholdings and raise the number of investors, a Post spokesman said.
Read MoreThe threat of a London postal strike in the run-up to Christmas has diminished after the Communication Workers’ Union said there would be no industrial action.
However, it appeared that talks between the Royal Mail and the CWU on moving towards a single daily postal delivery were encountering delays.
Royal Mail admitted that shift changes and the issue of London weighting remained sticking points.
Read MoreThe US Postal Service finished 2003 with a USD3.9 billion surplus, which will help keep postal rates where they are until 2006, postal officials said Tuesday. The bottom line was USD300 million better than had been expected for the 2003 fiscal year, which ended in September. Nearly all of the surplus was used to reduce the agency’s outstanding debt. The results will enable the Post Office to “help keep the commitment to hold the current rates stable through 2006,” Postmaster General John Potter told the agency’s board of governors. Chief financial officer Richard Strasser said the results were achieved despite a decline in first-class mail and noted that the Post Office had been able to make significant savings through a reduction in staff and other cost-cutting.
Read MoreLa Poste and Claritas have reached an agreement enabling La Poste access to Claritas new mailing lists which are updated from surveys sent to magazine subscribers. Claritas mailin lists comprise 1 million addresses and yeield an annual turnover of EUR 22 million. La Poste deliver 8 billion items of unaddressed mail each year and has a market share of 32% covering 25.5 million households.
market share statistics
New major UK retail contract for Exel
Read MoreTNT, one of the world’s leading companies in global express distribution, logistics and mail, has launched a faster express mail service (EMS) – Euro Best, between China and Europe.
Express mail from Shanghai, Hangzhou and Ningbo will be able to reach 12 European cities including Paris, London, Amsterdam, Milan, Geneva and Madrid within one day, according to a recent TNT press statement.
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