Tag: Postbank

Deutsche Post sells 29.75 per cent stake in Postbank to Deutsche Bank in growth-focused transaction

Posted by | Sep 11, 2008 | |

Deutsche Post has sold a minority stake of 29.75 per cent in Postbank to Deutsche Bank for Euro 2.79 bn or Euro 57.25 per share. The acquisition of this stake is subject to approval by regulatory and anti-trust authorities and the German Government and will close in the first quarter of 2009.

The consideration for the stake will be paid by Deutsche Bank in cash. Deutsche Bank intends to fund the acquisition through an equity raising of up to EUR 2.0 bn. Timing and precise composition of the equity raising are subject to market conditions.

For Deutsche Post, the cash proceeds will be a central component in the context of its considerations to return cash to shareholders, which it expects to conclude on later this year.

Deutsche Bank with its 14 million clients in private and business banking (thereof 9.7 million in Germany) and Postbank with its 14.5 million clients in Germany have agreed in principle to cooperate in several areas including the distribution of home finance and investment products. The cooperation is expected to have substantial revenue potential for both partners and the companies will finalise details shortly.

Deutsche Bank’s and Postbank’s service offering, which together include by far the biggest branch network in Germany, is highly complementary with attractive opportunities for cross-selling of financial products. Independently of the minority stake, both companies will continue to focus on growing their respective operating businesses. Deutsche Bank’s acquisition of a minority stake will have no impact on branches, jobs or the brand of Postbank.

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Deutsche Bank swoops on Germany's Postbank

Posted by | Sep 10, 2008 | |

Deutsche Bank said on Wednesday (10 September) it was in advanced talks to take a stake in rival Deutsche Postbank.

Deutsche Bank Chief Executive Josef Ackerman signaled earlier on in the day that he would buy into Postbank if the price was right.

Ackermann labeled Postbank — with almost 15 million customers and a market value of more than USD 10 billion — a good fit for Germany’s biggest lender.

Sources with direct knowledge of the matter later told Reuters a deal had already been broadly agreed.

Postbank has called a meeting of its supervisory board for Friday to decide on selling part of its 50 percent plus one share holding, the sources said.

If Deutsche Bank keeps its stake below 30 percent, it would not have to bid for the rest of Postbank’s shares but would be in pole position to win control of the group later.

The Bonner-Generalanzeiger newspaper reported that Deutsche Bank plans to buy just under 30 percent of Postbank with a right of first refusal to buy the remaining Post-owned shares.

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Postbank sale talks close to collapse

Posted by | Aug 19, 2008 | |

Active talks between Deutsche Post and potential buyers of its majority stake in Germany’s biggest retail lender Deutsche Postbank have stalled, casting doubt on wider banking consolidation.

Several sources familiar with the situation told Reuters that no buyer was in sight for Deutsche Post’s stake of 50 percent plus one share, sending the shares to a three-year low.

Another source familiar with the matter said Deutsche Bank, the last remaining potential bidder involved in intensive talks, is no longer interested at this time.

“There are no longer any talks with Deutsche Bank. The price expectations were too far apart,” the source said, adding the price would have to fall dramatically for Deutsche to return to the negotiating table.

“The process has broken down, but is not dead yet,” another person familiar with the matter said.

Postbank, which has nearly 15 million customers, was seen as the biggest prize of a long hoped-for consolidation in the German banking sector, in which German insurer Allianz is also seeking a partner for its embattled Dresdner Bank.

Consolidation looked to be moving forward this year when France’s Credit Mutuel bought Citigroup’s German retail operations.

But analysts say differences of views on sale prices and the valuation of assets and risks on lenders’ books in face of financial market uncertainties may keep sellers and buyers from reaching agreement.

Reuters reported last month that British bank Lloyds TSB was also dropping out of the running for Postbank, which has a market capitalization of 7 billion euros (USD 10.28 billion), down from more than 10 billion just two months ago.

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Deutsche Post Profit Falls 11 pct on DHL U.S., Postbank

Posted by | Jul 31, 2008 | |

Deutsche Post AG , said second-quarter profit fell 11 percent on costs to revamp the DHL Express division’s U.S. unit and after writedowns hurt earnings at Deutsche Postbank AG.
Net income fell to 254 million euros (USD 396 million), or 21 cents a share, from 285 million euros, or 24 cents, a year earlier, Bonn-based Deutsche Post said in a statement. Sales rose 5 percent to 16.2 billion euros.
Chief Executive Officer Frank Appel forecast in May that the DHL U.S. express-delivery unit will suffer a loss of USD 1.3 billion this year as a slowing U.S. economy hurts demand for air shipments and the business struggles to compete with United Parcel Service Inc. and FedEx Corp. Postbank, also based in Bonn, yesterday 30th July reported a 21 percent drop in second-quarter profit because of writedowns on debt-related investments.
Deutsche Post announced plans in May to limit losses at the U.S. express-delivery operations by shrinking the network, firing workers and transferring air deliveries to Atlanta-based UPS. The revamp will cost the mail carrier USD 2 billion through 2009, it forecast at the time. Deutsche Post said today the unit’s reorganization is “on track” and that talks with UPS over a final contract are making progress.
Postbank, of which Deutsche Post owns 50 percent plus one share, said yesterday that second-quarter net income fell to 119 million euros from 151 million euros a year earlier after writing down the value of securities by 143 million euros. The quarter’s markdowns bring Postbank’s total losses related to the U.S. subprime-mortgage-market collapse to 429 million euros.
Appel said in a statement today that the mail carrier is having discussions with “various potential partners” on the bank’s future. Deutsche Post announced June 25 it’s holding “exploratory” talks about a sale of Postbank as the company focuses on mail, express deliveries and logistics.
Postbank may fetch 9 billion euros to 11 billion euros, Carsten Werle, an analyst at Sal. Oppenheim in Frankfurt, wrote to investors this month. The bank has a market value of about 7.6 billion euros after the stock dropped 23 percent this year.

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