Deutsche Post AG workers will go on a nationwide strike unless the German postal company agrees terms in the next round of wage negotiations starting tomorrow, union ver.di warned. Warning strikes staged over the past several weeks have shown that workers are prepared to walk out, a union spokesman said.
Read MoreThere 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 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 MoreGermany’s Deutsche Post is the centre of attention with the initial public offering (IPO) of 50 percent of its subsidiary Postbank–and subsequent possible acquisition by Deutsche Bank–due to take place in June. However, there have been changes afoot in other countries, with some postal services continuing to make major inroads into their countries’ financial services markets.
“The postal systems around the world are dinosaurs, but there’s a lot of potential there,” says Stuart Castledine, a partner with Calleva, a consultancy advising a number of postal banks on the development of their banking services. “Postal administrations are not new kids on the block. Many of them have been going for 150 years.
Read MoreCooperation and competition in our industry:can they live together?
Dr. Herbert-Michael Zapf,
Deutsche Post
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