Tag: Germany

Deutsche Post to introduce up to 650 new ‘pack stations’ in Germany

Posted by | Jun 4, 2004 | |

Deutsche Post, the German postal service, is planning to introduce up to 650 new collection sites in 13 cities in Germany by the end of the year. These collection sites, which will be known as ‘pack stations’, will operate in a similar way to safe-deposit boxes, allowing customers to collect and dispatch packages around the clock, seven days a week. Pilot schemes have already been operated in Frankfurt, Mainz and Dortmund, and have been successful. Customers will be able to select a conveniently located collection point after registering for the services, and will be informed by SMS or e-mail when a package arrives for them.

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Deutsche Post pay agreement wards off strike

Posted by | Jun 3, 2004 | |

Deutsche Post, the German postal service operator, is reported to have reached an agreement with the German services sector union Ver.di regarding pay increases for the coming two years, thereby averting strike action. The agreement will be valid until the end of April 2006.

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German Deutsche Post to continue with plans for flotation of Postbank

Posted by | Jun 1, 2004 | |

Deutsche Post, the German postal service, says that it intends to continue with its plans for a flotation of Postbank, its banking subsidiary, despite conflict with Deutsche Bank, the largest bank in Germany, which is to act as a lead bank in the transaction. Last week, Deutsche Post had been angered at a report produced by Deutsche Bank, in which the value of Postbank was estimated to be considerably lower than had previously been thought, at between 26.83 and 32.32 euros per share.

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Deutsche Post may sue over Postbank IPO

Posted by | Jun 1, 2004 | |

Deutsche Post AG may sue Deutsche Bank AG over the planned share sale of Europe’s biggest postal service’s banking unit Postbank AG, the Financial Times reported, citing people familiar with the postal company. Last week a leaked Deutsche Bank memo suggested the value of Postbank was as much as 25 percent less than Deutsche Post had hoped, the FT said.

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German Postbank IPO may be scrapped if price fails to meet expectations

Posted by | Jun 1, 2004 | |

Deutsche Post World Net AG’s upcoming initial public offering (IPO) of 49.9 pct of its Postbank unit may be scrapped if the price per share it gets fails to meet CEO Klaus Zumwinkel’s expectations, Handelsblatt reported, citing Deutsche Post supervisory board sources.

The paper cites investment bankers involved in the deal as saying that the ‘pain threshold’ for Zumwinkel is around 29.70 eur per share, equating roughly to the value of Postbank on Deutsche Post’s books.

‘(Deutsche Post) shareholders would not accept a lower price,’ the paper cites one banker as saying.

It is questionable whether investors will be prepared to pay that much, however, the paper said.

It cites fund managers as saying that this level is the absolute maximum that they are prepared to pay.

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