Tag: Deutsche Post

Deutsche Post may call off Postbank sale

Posted by | Sep 2, 2008 | |

Deutsche Post AG may decide to call off a sale of Deutsche Postbank AG at a supervisory board meeting on Sept. 12, Handelsblatt reported, without saying where it got the information.

A previously targeted price for the Bonn-based bank of 10 billion euros (USD 14.6 billion) is now unrealistic, according to the German business newspaper. Deutsche Post has become more skeptical about a sale because of the drop in the valuation of banks, it added.

Bonn-based Deutsche Post, Europe’s biggest mail carrier, owns 50 percent plus one share of Postbank, which has a market value of about 7.3 billion euros.

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Deutsche Post confirms 1 bln eur payment by govt earmarked for shareholders

Posted by | Aug 28, 2008 | |

A spokeswoman for Deutsche Post World Net AG. reiterated the company is earmarking for shareholders the some 1 billion euros it has received from the German government as a payment related to a ruling on state aid.
The European Union’s second highest court July 1 said Deutsche Post did not have to repay 572 million euros in state aid received by the German government, as ruled by the European Commission in 2002.
The EU Commission had ruled that Deutsche Post had used the money to subsidise its parcel operations instead of using it to provide the universal service it is obliged to offer to ensure mail is delivered to remote regions.
Adding interest, Deutsche Post could claim back 1 billion euros and has now received the payment.
Deutsche Post at the time said it will preferably pay out the payment to shareholders ‘pending clarity on other cash-relevant issues’.

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Postbank sale talks close to collapse

Posted by | Aug 19, 2008 | |

Active talks between Deutsche Post and potential buyers of its majority stake in Germany’s biggest retail lender Deutsche Postbank have stalled, casting doubt on wider banking consolidation.

Several sources familiar with the situation told Reuters that no buyer was in sight for Deutsche Post’s stake of 50 percent plus one share, sending the shares to a three-year low.

Another source familiar with the matter said Deutsche Bank, the last remaining potential bidder involved in intensive talks, is no longer interested at this time.

“There are no longer any talks with Deutsche Bank. The price expectations were too far apart,” the source said, adding the price would have to fall dramatically for Deutsche to return to the negotiating table.

“The process has broken down, but is not dead yet,” another person familiar with the matter said.

Postbank, which has nearly 15 million customers, was seen as the biggest prize of a long hoped-for consolidation in the German banking sector, in which German insurer Allianz is also seeking a partner for its embattled Dresdner Bank.

Consolidation looked to be moving forward this year when France’s Credit Mutuel bought Citigroup’s German retail operations.

But analysts say differences of views on sale prices and the valuation of assets and risks on lenders’ books in face of financial market uncertainties may keep sellers and buyers from reaching agreement.

Reuters reported last month that British bank Lloyds TSB was also dropping out of the running for Postbank, which has a market capitalization of 7 billion euros (USD 10.28 billion), down from more than 10 billion just two months ago.

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Deutsche Post to set up some 1,500 points of sale by the end of 2008

Posted by | Aug 18, 2008 | |

Deutsche Post will start expanding its points of sale for stamps and prepaid Paketmarken in the coming weeks across Germany.

Overall some 1,500 further points of sale are to be set up by the end of the year at locations which experience high customer traffic in addition to the existing 300 points of sale of this kind. Deutsche Post is working in cooperation with retailers to provide these points of sale.

Additionally to some 14,000 retail outlets already in existence the new points of sale will give Deutsche Post customers a supplementary source to obtain stamps and DHL Paketmarken. Stamps will continue to be available around the clock at 3,700 stamp vending machines and DHL Paketmarken at some 1,000 Packstations, set to rise to 2,500 by 2009.

Pre-franked packages and parcels can be taken to Packstations independently of retail outlet opening hours. Shipments with DHL Paketmarken can also be sent at any time of day or night via the 1,000 DHL Paketboxes across Germany in the same way that franked letters are posted in collection boxes.

With the new point of sale format the company hopes to further expand its service to customers, strengthen its own business and better position itself with regard to its competitors. Through cooperation with local businesses Deutsche Post customers who are simply buying stamps will benefit from the favorable opening hours at local retailers and can thus make use of additional contact points for two of the most frequently requested mail products.

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Deutsche Postbank sale decision will not drag on

Posted by | Aug 15, 2008 | |

It would be unwise to set a time frame for a decision over the sale of Deutsche Postbank, but it will not drag on for much longer, Deutsche Post’s Chief Executive told a German newspaper.

Appel said it is actually an attractive time for foreign banks to be looking at buying German banks, but the credit crisis had made financing such a deal more problematic.

Deutsche Post has been in talks for weeks with potential suitors for its majority stake in Postbank, but has not struck a deal so far. Appel repeated that Deutsche Post will not sell the stake unless the offer was good.

Sources familiar with the situation say Deutsche Bank is among interested parties along with Banco Santander and ING.

A key issue is the valuation of Postbank, whose market capitalisation has fallen to around 7.6 billion euros (USD 11.33 billion), below the sale price of above 10 billion euros that the sources said had been floated earlier this summer.

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