Germany’s Deutsche Bank has stepped back from making a takeover offer for state-owned Postbank, despite coming under heavy political pressure to make a stronger commitment to its home market.
Deutsche Bank executives – who met to discuss making a bid for the retail banking arm of Deutsche Post – signalled that the country’s biggest bank would be sticking to its role as a global co-ordinator for the flotation of Postbank.
Read MorePostbank IPO to net DPWN €3 billion
Read MoreDeutsche Postbank, the banking subsidiary of German state postal service operator Deutsche Post, is expected to be floated on the stock market on June 21. Deutsche Post, is planning to float 49.9 per cent of the capital of its subsidiary on the stock market before the summer recess. Income from the transaction is expected to amount to around 2.5bn euros, and is to be invested in the postal operations of the parent company.
Read MoreDeutsche Post World Net plans a multi-billion dollar logistics spending spree beginning next month using the proceeds from the stock offering of its banking unit. The German mail, express delivery and logistics group, confirmed it will list up to 49.9 percent of Postbank, the country’s largest bank, on the Frankfurt stock exchange on June 21. Deutsche Post said it will use the expected 3 billion euros (USD3.6 billion) in proceeds, the largest in Germany in several years, to improve the group’s finances and fund investments, mostly in logistics and mail operations abroad.
Read MoreTo ensure that letter delivery contribute a stable 2bn euros to group profits, management intends, within reason, to take advantage of the gradual deregulation of the market. The group will aim for its US express service DHL/Airborne to break even in 2005. DHL/Airborne showed a loss of 284m euros last year. A dividend of 0.44 euros per share is to be paid out for 2003, compared with 0.40 euros for the previous year. This represents a stable dividend rate of 30 per cent.
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