Germany Postal workers represented by the ver.di union and Deutsche Post headed into a final round of wage negotiations Tuesday with the union threatening strike action if no accord is reached.
The talks in the northwestern German city of Muenster were set to take place Tuesday and Wednesday, with ver.di demanding a four per cent pay hike for 240,000 postal employees in a 12-month contract.
Read MoreDeutsche Post World Net AG is mulling taking steps against Deutsche Bank AG for creating uncertainty ahead of the initial public offering (IPO) of Deutsche Post’s Postbank unit, Welt am Sonntag reported citing sources at Deutsche Post.
Deutsche Bank is lead manager for Postbank’s IPO, scheduled for June 21.
Read MoreDeutsche Post AG workers will go on a nationwide strike unless the German postal company agrees terms in the next round of wage negotiations starting tomorrow, union ver.di warned. Warning strikes staged over the past several weeks have shown that workers are prepared to walk out, a union spokesman said.
Read MoreThere have been further problems in the flotation of Deutsche Post subsidiary Postbank, which is set for June 21. In a leaked internal document Deutsche Bank valued Postbank at between EUR4.4 billion and EUR5.3 billion while the head of Deutsche Post believes it is worth “at least EUR6 billion”. This revelation came about as it was revealed that Deutsche Bank is, along with Morgan Stanley, to lead manage the flotation.
Read MoreDeutsche Post World Net AG chief executive Klaus Zumwinkel issued a statement today saying his company will not be bullied over the valuation of its retail unit Postbank AG, which plans to carry out an initial public offering.
Zumwinkel’s statement can be interpreted as a broadside against Deutsche Bank AG, which, according to an internal memorandum, values Postbank at 4.4-5.3 bln eur, well below the 6 bln eur value previously flagged by Zumwinkel earlier this year.
Read More
Post & Parcel Magazine is our print publication, released 3 times a year. Packed with original content and thought-provoking features, Post & Parcel Magazine is a must-read for those who want the inside track on the industry.
