Deutsche Post, the German postal service operator, is reported to have reached an agreement with the German services sector union Ver.di regarding pay increases for the coming two years, thereby averting strike action. The agreement will be valid until the end of April 2006.
Read MoreDeutsche Post, the German postal service, says that it intends to continue with its plans for a flotation of Postbank, its banking subsidiary, despite conflict with Deutsche Bank, the largest bank in Germany, which is to act as a lead bank in the transaction. Last week, Deutsche Post had been angered at a report produced by Deutsche Bank, in which the value of Postbank was estimated to be considerably lower than had previously been thought, at between 26.83 and 32.32 euros per share.
Read MoreDeutsche Post AG may sue Deutsche Bank AG over the planned share sale of Europe’s biggest postal service’s banking unit Postbank AG, the Financial Times reported, citing people familiar with the postal company. Last week a leaked Deutsche Bank memo suggested the value of Postbank was as much as 25 percent less than Deutsche Post had hoped, the FT said.
Read MoreGermany Postal workers represented by the ver.di union and Deutsche Post headed into a final round of wage negotiations Tuesday with the union threatening strike action if no accord is reached.
The talks in the northwestern German city of Muenster were set to take place Tuesday and Wednesday, with ver.di demanding a four per cent pay hike for 240,000 postal employees in a 12-month contract.
Read MoreDeutsche Post World Net AG is mulling taking steps against Deutsche Bank AG for creating uncertainty ahead of the initial public offering (IPO) of Deutsche Post’s Postbank unit, Welt am Sonntag reported citing sources at Deutsche Post.
Deutsche Bank is lead manager for Postbank’s IPO, scheduled for June 21.
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