Tag: Deutsche Post

Deutsche Post World Net sells real estate portfolio to investor

Posted by | Apr 1, 2008 | |

Deutsche Post World Net announced that it has reached an agreement to sell a portfolio of real estate properties comprising about 1,300 assets located mainly in Germany to U.S. investor Lone Star in a cash transaction worth 1 billion euros.

Deutsche Post World Net is divesting real estate assets as part of its “Roadmap to Value” capital markets program presented in November. “We are very committed to the Roadmap to Value initiatives and this transaction again demonstrates our constant focus on quick execution,” said Chief Financial Officer John Allan.

Today’s transaction comes on top of some 350 million euros of real estate sales agreed since last November. The Group thus has already more than delivered on its pledge to generate at least 1 billion euros in cash from real estate sales by 2009. The all-cash sale price will be paid in several tranches with the largest share expected by year-end 2008. The agreement will have only marginal effect on Group EBIT and will not affect the 2008 earnings guidance.

Under the terms of the agreement, the transfer of the real estate assets will take economic effect as of July 1, 2008. Deutsche Post World Net will lease back the major part of the properties under an innovative lease agreement giving the Group immediate relief from excess space and flexibility going forward. The transaction will not lead to any changes for customers or employees.

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The Department of Posts (India) stamps out French connect in parcel entity

Posted by | Mar 29, 2008 | |

The Department of Posts ( DoP) has objected to the plans of GeoPost—French state-run postal services utility La Poste’s subsidiary—to acquire a controlling 60 pct stake in Indian express parcel delivery firm Continental Air Express. The proposal, formally rejected by the foreign investment promotion board (FIPB), could set a precedent, given that the India Post Office Act is in the process of being amended and one proposal calls for a FDI cap in Indian courier companies.

As per global regulations, an operator seeking to establish an Extraterritorial Office Of Exchange (ETOE), i.e. a postal services operation overseas, needs to get an ‘agreement’ from the respective member of the Universal Postal Union (UPU). This means that GeoPost would need an okay from Indian authorities as India is a UPU member.

Currently, FDI up to 100pct is allowed in courier services for carrying packages, parcels and other items that do not come under the ambit of the India Post Office Act. While the FDI policy does not draw a distinction between investment made by a foreign private firm and a foreign government-owned entity, DoP’s prime objection in this case is with respect to La Poste’s move to circumvent UPU regulations.

GeoPost had argued that it is a separate La Poste business that focuses on premium parcels and hence, UPU obligations do not apply. Moreover, its operations in other countries have not triggered such disputes with local operators. GeoPost had also cited DHL’s example, wherein the majority stake is held by Germany’s Deutsche Post, which is also a UPU member, but is operating in India.

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EU's McCreevy complains to France, Germany, 6 other states over postal services

Posted by | Mar 27, 2008 | |

EU internal market commissioner Charlie McCreevy has complained to France, Germany and six other member states over lack of competition in their postal services markets, his spokesman said.

The other countries are Austria, Belgium, Finland, the Netherlands, Poland and Slovakia, the spokesman said.

‘The commissioner sent a letter to all 27 member states on postal services,’ he said, adding that McCreevy singled out eight countries for criticism.

EU countries have to implement the European Commission’s liberalisation measures by Dec 31, 2010.

The spokesman confirmed that Dutch group TNT NV has filed a formal complaint with the commission against minimum wages in the German postal industry.

The commission is concerned about the minimum wages and a VAT exemption enjoyed by German mail incumbent Deutsche Post World Net AG.

The German government last autumn decided to make minimum wages paid at Deutsche Post mandatory for the whole industry.

TNT claims that the German government is violating EU regulations that ensure free and fair competition among EU members operating across borders.

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Allianz seen as favourite to buy Deutsche Postbank

Posted by | Mar 25, 2008 | |

Allianz SE is favoured by Deutsche Post AG and parts of the German government in the tussle over buying Deutsche Postbank AG, Handelsblatt reported, citing banking sources and unidentified members of Postbank’s supervisory board.

The German finance ministry had until a few weeks ago preferred Commerbank AG among Postbank’s suitors but Commerzbank’s ability to shoulder the acquisitions was called into question because the bank’s market value was sapped by financial-market turbulence, the newspaper said, citing unspecified sources.

Deutsche Bank AG has also expressed interest in Postbank, Handelsblatt said.

Handelsblatt said that Allianz’s recently announced plans to split up its Dresdner Bank unit into an investment banking and a private/corporate clients entity is seen by banking experts as a preparatory step for taking over Postbank.

Deutsche Post, Deutsche Postbank, Allianz and Dredner all declined to comment, the newspaper said.

Postbank is controlled by Deutsche Post, whose largest single shareholder is the German government, which owns 31 pct of Post through its development bank KfW Bankengruppe.

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Should TNT stay in Germany or should it go?

Posted by | Mar 20, 2008 | |

Dutch mail and logistics company TNT NV has more to gain by staying in Germany despite competitive snags as buoyant growth prospects will make up for a shrinking business at home in the Netherlands.

Europe’s second-biggest mail and logistics company by market value, TNT is expected to lose its remaining monopoly in its lucrative domestic market this year, with competitors already eating into its market share and profitability.

It is seeking to reinforce its German operations but has threatened to pull out of the country due to what it sees as preferential treatment for Deutsche Post.

Earlier this month, a German court ruled in TNT’s favour in a case it brought against a minimum wage for postal workers, allowing it to continue paying its lower wage.

Europe’s largest economy introduced a minimum wage of up to 9.80 euros (USD 15.15) per hour for its roughly 220,000 postal workers in January.

The German government said it would appeal against the court ruling, and a verdict could take months, however.

That appeal is hanging over the company and the German postal sector like a sword of Damocles, Dutch daily De Telegraaf quoted Mario Frusch, the chief executive of TNT Post Germany, as saying on Thursday.

He said the company has put its investments in Germany on hold for the time being. TNT Chief Executive Peter Bakker told Reuters in December the company had frozen its investments due to the minimum wage issue.

But TNT needs to take a long-term view of the German mail market, one of the big three in Europe, as it has the potential to drive future growth and offset Dutch losses.

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