Tag: Germany

Deutsche Bank unlikely to let Postbank get away

Posted by | Jul 17, 2008 | |

After missing out on one rare opportunity to expand in its domestic market, Deutsche Bank is unlikely to let another chance go begging, analysts believe.

Until recently, three retail banking operations were on the block in Germany creating an unprecedented opportunity for consolidation in a market dominated by state-owned savings banks.

That leaves Deutsche Postbank and the Dresdner Bank unit of Allianz (as the remaining options for any local player looking to expand.

Dresdner has long been linked to a deal with Commerzbank talks between the two have reportedly been stepped up in recent weeks, leaving Postbank as Deutsche Bank’s likely best bet for growth.

Deutsche Bank has performed better than many of its European rival in the credit crunch, still CEO Josef Ackermann is under pressure to diversify away from investment banking and build up its retail banking arm.

Ackermann has indicated Deutsche Bank, Germany’s biggest bank, is interested, saying back in February he would be willing to discuss a deal. But the question of price has been seen as a potential sticking point.

“Market rumors indicate Deutsche Bank has offered eight or nine billion euros (USD 12.7 billion to USD14.3 billion) for Postbank, while Deutsche Post is asking for at least 10 billion euros,” Koagne said.

Natixis’ Koagne said Deutsche Post could also be willing to lower its demands now that there are few other potential bidders.
That’s especially true since Postbank’s capitalization appears weak compared with its European rivals, raising the threat it would have to seek fresh capital if Deutsche Post decides to wait a while before selling, he added.

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FedEx plans to acquire TNT would shake up the industry

Posted by | Jul 17, 2008 | |

Independent research company Datamonitor says FedEx is reported to be interested in acquiring TNT, which seems to suggest that it does not want to rely on organic growth to strengthen its position in the global express market. Although combining two of the world’s leading players would put strong pressure on the other two integrators, UPS and DHL, overall, the competitiveness of the industry looks set to remain intact.

FedEx has already been trying to reduce its dependence on its home market and the use of air networks by building a stronger presence in the European market, as well as investing in its Asian network. The acquisition of ANC in the UK helped to secure a stronger position in one of Europe’s key markets, and TNT’s dominant position in the intra-European express market makes it an ideal target that would allow FedEx to develop its position in Europe further.

Preliminary results from Datamonitor’s upcoming European Express Market Map suggest that, despite showing decreasing growth rates, the European express market is still in a good state, with the B2C and Eastern European markets acting as its main growth drivers. TNT is particularly well positioned to capture any growth in the B2B markets as it has a strong road and air network that is operational in all the key markets. The company also boasts a strong position in emerging markets in the rest of the world, notably the Brazilian, Russian, Indian and Chinese (BRIC) markets and the Middle East.

FedEx and TNT have reciprocal geographic strengths and, as TNT has lost its monopoly in its home mail market, a combination of the two companies appears to make strategic sense. The merger would also put significant pressure on European market leader DHL, which is trying to recover its market position in the US, where it continues to lose money in a co-operation agreement with UPS (which has also been reported to have an interest in acquiring TNT).

Should the tie-up be completed, the effects would be far-reaching, says Datamonitor Logistics and Express senior analyst Erik Van Baaren. “Significant pressure would be placed upon DHL and UPS, given that they would have to compete with a global player capable of exploiting greater economies of scale and serving the needs of globally operating companies more efficiently as further internationalization of the industry takes shape.”

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DPD launches new modeshift campaign

Posted by | Jul 16, 2008 | |

DPD has launched a new modeshift campaign promoting its product DPD Classic and committing itsself to sustainable development under the slogan “Why fly parcels in Europe?”.

As part of the new campaign, the multi-language website www.whyflyparcels.com represents different aspects of DPD’s sustainability strategy introducing the modeshift concept as well as the ECO Calculator. This web-based calculator which calculates the CO2-equiv. emissions representing all green house gases produced during the transportation of package consignments by road and in the air.

The company’s strategy for ecologically and economically sound trade is helping shippers make a better choice. With whyflyparcels.com DPD shows that flying parcels within Europe can create up to eight times more CO2 equiv. although air freight remains the ideal method of transport for goods are required urgently such as relief supplies, high-value goods or spare parts that need to be transported over great distances. The company points out that there are numerous non time-critical goods and that could easily be transported by road and not by air.

The ECO Calculator allows customers to compare the effects of the two transport modes by road and by air on climate change. The simulation is based on a totally virtual network and uses data to reflect the reality in a best possible way. It has been supported and assisted by an independent sustainable development agency O2 France relying upon expert sustainable development knowledge.

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Postbank drops the most in trading with concerns over sale (GER)

Posted by | Jul 16, 2008 | |

Deutsche Postbank AG dropped the most in six months in Frankfurt trading on concern the company’s sale may be delayed.
Bonn-based Postbank declined 3.68 euros, or 7.3 percent, to 46.77 euros. The stock fell as much as 9.9 percent earlier in the day, the biggest drop since the initial public offering in June 2004, valuing the bank at 7.67 billion euros (USD 12.2 billion).
“In order to receive a satisfying price, we would consider it rational for Deutsche Post to postpone the selling process without a feasible German buyer right now,” Carsten Werle, a Frankfurt-based analyst at Sal. Oppenheim, wrote to investors. He lowered his recommendation on the stock to “reduce” from “buy.”
Deutsche Bank AG, a likely buyer, faces “unreasonable economic terms” in the current environment to raise financing for the acquisition, Werle said. A takeover of Postbank and the high cost would dilute Deutsche Bank earning by as much as 22 percent, Werle estimates. Deutsche Post, Europe’s biggest postal service, said on June 25 it is holding “exploratory” talks about a sale of its majority stake in Postbank.

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German cabinet approves minimum wage extension

Posted by | Jul 16, 2008 | |

Chancellor Angela Merkel’s government approved a draft law on Wednesday that could nearly double the number of German workers protected by a sectoral minimum wage.
Labour Minister Olaf Scholz’s plan to enable more sectors of the economy to introduce a minimum wage has come under fire from employers and been a sticking point in the ruling coalition of conservatives and centre-left Social Democrats (SPD) for months.
Scholz from the SPD, and Economy Minister Michael Glos, a conservative, came to an agreement late on Tuesday and the draft legislation was approved by the cabinet on Wednesday morning, government officials said.

A sector-specific minimum wage already applies to about 1.8 million employees in Germany across seven sectors, among them construction workers and postal delivery staff.

A further eight sectors, ranging from temporary workers to security personnel and comprising about 1.6 million employees, have sought inclusion in the minimum wage framework.

Germany’s total workforce numbers around 40 million.

The draft law allows for an extension of the so-called “Entsendegesetz”, an existing law which enables sectors of the economy to set their own minimum wage, but does not specifically name which new sectors will be included.

A working group under Scholz’s supervision has been charged with reconciling coalition differences over the new sectors.

The SPD has pushed for a blanket minimum wage for all, but Merkel’s conservatives reject this.

Glos, a member of the Bavarian Christian Social Union (CSU), was a particularly robust opponent of Scholz’s plans but dropped his opposition after a conversation on Tuesday evening with Merkel.

Merkel has softened her opposition to the idea of sector-wide wage deals since taking power in 2005 and had pushed for a compromise.

Glos succeeded in winning some concessions, notably an agreement which ensures government-decreed minimum wages are not permanent. That would theoretically allow a new government to reverse the wage law.

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