Deutsche Post has blamed the leak of a Deutsche Bank internal memo in part for the delay in its initial public offering and its decision to cut share prices of its Postbank subsidiary.
Deutsche Post CEO Klaus Zumwinkel told reporters in Frankfurt that a Deutsche Bank memo on Postbank’s valuation leaked to the media had “quite some” impact on the decision.
Read MoreDeutsche Post World Net AG reiterated the German government, its majority owner, and the rest of shareholders will not receive a special dividend from the capital raised through the IPO of banking arm Postbank AG.
‘There will be no special dividend,’ Deutsche Post CEO Klaus Zumwinkel told a news conference.
Read MoreDeutsche Post said it would extend the subcription period for the initial public offering of a stake in its Postbank subsidiary by two days and cut the price for the shares in Germany’s largest retail bank.
The date for the shares to begin trading was pushed back to Wednesday, instead of Monday, with the subscription period ending Tuesday.
Read MoreSenior business leaders increasingly are recognizing that one of the most vital issues in managing a global supply chain is “visibility” – the real-time ability to view the movement of goods and funds as products move through the supply chain.
“The only way to effectively coordinate all elements is to have critical information at your fingertips,” said Gunnar Adalberth, director of e-commerce marketing for UPS Europe. “And we have seen tremendous advancements that improve visibility and provide the information needed to make the supply chain process easier to manage.”
Read MoreEP Europost AG & Co KG, a joint venture between TPG NV and Hermes Logistics Group, said it has filed a complaint with the European Commission against Postbank AG, alleging the bank is receiving indirect subsidy from its parent Deutsche Post World Net AG. According to Europost, Postbank’s outlets are located at post offices run by Deutsche Post and Postbank only partly pays for their rent. Europost also alleged Postbank’s employees are being paid by Deutsche Post. ‘Postbank has only variable costs,’ it added.
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