Deutsche Bank AG is still considering a complete takeover of Deutsche Post World Net AG’s retail bank Postbank AG, which has 12 mln customers, for EUR 6 bln, reported the Welt am Sonntag newspaper, citing a Deutsche Bank supervisory board member.
‘Yes, we are working on it,’ the board member said.
Read MoreDeutsche Postbank, the banking subsidiary of German state postal service operator Deutsche Post, is expected to be floated on the stock market on June 21. Deutsche Post, is planning to float 49.9 per cent of the capital of its subsidiary on the stock market before the summer recess. Income from the transaction is expected to amount to around 2.5bn euros, and is to be invested in the postal operations of the parent company.
Read MoreDeutsche Post World Net plans a multi-billion dollar logistics spending spree beginning next month using the proceeds from the stock offering of its banking unit. The German mail, express delivery and logistics group, confirmed it will list up to 49.9 percent of Postbank, the country’s largest bank, on the Frankfurt stock exchange on June 21. Deutsche Post said it will use the expected 3 billion euros (USD3.6 billion) in proceeds, the largest in Germany in several years, to improve the group’s finances and fund investments, mostly in logistics and mail operations abroad.
Read MoreTo ensure that letter delivery contribute a stable 2bn euros to group profits, management intends, within reason, to take advantage of the gradual deregulation of the market. The group will aim for its US express service DHL/Airborne to break even in 2005. DHL/Airborne showed a loss of 284m euros last year. A dividend of 0.44 euros per share is to be paid out for 2003, compared with 0.40 euros for the previous year. This represents a stable dividend rate of 30 per cent.
Read MoreDeutsche Post World Net AG CEO Klaus Zumwinkel said the company has not held talks with Deutsche Bank on the bank taking a significant stake in Postbank AG.
Addressing a news conference following the announcement that the Postbank IPO will launch on June 21, Zumwinkel declined to comment on whether similar talks have taken place with other banks.
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