KfW Group, the German state-owned development bank, said Wednesday that it would sell a 1.5 billion euro stake in Deutsche Post, increasing the proportion of freely traded shares to as much as 64.5 percent.
German state-owned development bank Kreditanstalt fuer Wiederaufbau (KfW) said it raised 1.3 bln eur after yesterday placing 63.6 mln Deutsche Post AG shares at 20.45 eur per share.
Read MoreFinland Post Group said on July 12, 2006 it will sell its 49 pct stake in the transport joint venture Kelpo Kuljetus Fi Oy to joint venture partner DHL, the logistics and express delivery business of German postal service group Deutsche Post.
No financial details were available.
The transaction is subject to approval by the competition authorities.
The deal is part of the partners’ aim to focus on their core businesses.
Read MoreDHL, the Middle East’s leading express logistics provider, today announced it has successfully implemented the Single Point of Entry (SPE) agreement as part of the GCC Customs Union.
The move is set to provide a swift enhanced service to DHL GCC customers by cutting shipment delivery times by up to half a day. Implementation of the SPE agreement of GCC Customs Union allows DHL to perform one time processing of customs clearance upon entrance into its hubs in the region.
Read MoreDeutsche Post AG said it is redeeming the three-year exchangeable bonds it issued in 2004, by allowing bondholders to exchange them for Deutsche Postbank AG shares one year before the issue matures in July 2007.
In a statement, the post office group said bondholders can exercise their right to exchange the bonds for Postbank shares from July 3-23 this year. Once all the bonds are exchanged for Postbank shares, the banking unit’s free float will increase to 49.9 pct from the present 33.3 pct, while Deutsche Post’s stake in the unit will be reduced to about 50.1 pct.
Read MoreDeutsche Post AG could raise its mailing rates by an average of 0.2 pct in January, the Frankfurter Allgemeine Zeitung reported citing a company spokesman. However, the spokesman said that Deutsche Post had not come to any final decision on the matter. ‘Nothing has been decided yet,’ he told the newspaper. The German government determines mailing rates through a calculation that compares overall consumer prices with productivity increases within the industry. Should Deutsche Post go ahead with the price increase, it would mark the first price increase in four years.
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