Tag: Germany

Flotation of German Postbank increasingly unlikely to be a success

Posted by | Jun 15, 2004 | |

The planned flotation of Postbank, the banking subsidiary of Deutsche Post, the German postal service, seems increasingly likely to be cancelled. Although some of the banks involved in the transaction continue to say that they are confident that the flotation will be a success, others believe that the flotation will not be able to take place unless Deutsche Post is prepared to lower the price range for shares in the bank. This has been set at 31.50 to 36.50 euros per share, which many investors insist is too high.

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German Postbank IPO volume not expected to be cut due to ‘good’ demand

Posted by | Jun 15, 2004 | |

Postbank AG’s planned IPO volume of around 81.9 mln shares is not expected to be reduced because demand from foreign investors is ‘good’, Boersen-Zeitung said, citing bankers involved in the listing.

The report said the level of subscription volume however cannot as yet be estimated because investors will only sign up for the offer on the final day of the subscription period itself, which is this Friday.

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Publishers plan to take case against Deutsche Post to EU

Posted by | Jun 15, 2004 | |

German newspaper and advertising journal publishers’ associations are reported to be planning to take their complaint against postal service operator Deutsche Post to the EU Commission following the failure of the German antitrust authority to support their case. The complaint relates to the postal service operator’s delivery of advertising material as part of a new service. Publishers believe that Deutsche Post is encroaching on the territory of newspapers and other periodicals.

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Fewer Deutsche Post employees subscribe to Postbank shares than expected

Posted by | Jun 14, 2004 | |

Fewer than 50 per cent of employees of Deutsche Post, the German postal service, have subscribed to shares in Postbank, the company’s banking subsidiary, which is to be floated on the stock market on June 21. In addition, only 63 per cent of Postbank staff have subscribed to the shares, despite the fact that the company had offered staff who wished to subscribe to 270 euros’ worth of shares half of the shares free of charge, while the remaining shares could be obtained as an interest-free loan if desired.

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German Deutsche Post ‘under pressure to cut Postbank IPO price’

Posted by | Jun 14, 2004 | |

Pressure is mounting on Deutsche Post to cut the price range for the IPO of its Postbank banking unit, as bankers admit hardly any investors are signing up for the offer.

Halfway though the bookrunning for the deal, one senior executive at a bank involved in the offering told the newspaper: ‘We have probably contacted 60 investors and, to a man, they have said ‘No’. They are not sitting on the fence. These were just flat refusals.’

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