Business NEWS
Deutsche Post DHL Completes Deutsche Bank Share Sale
By Amarendra Bhushan for CEOWORLD Magazine Updated:July 6, 2009
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German mail and logistics company Deutsche Post DHL AG has sold off its remaining shares in Deutsche Bank AG.
The sale of the shares, which it received in the recent sale of its retail bank Postbank AG unit to Deutsche Bank, amounted to about euro100 million ($140 million) more than it anticipated, Bonn-based Deutsche Post said. It brings the total cash inflow from the Postbank deal to about euro5 billion.
“With this sale, we’ve completed another major step in our effort to purely focus on mail and logistics,” said CEO Frank Appel in a statement.
Frankfurt-based Deutsche Bank has already received a first 22.9 percent holding in Postbank from Deutsche Post. Deutsche Bank will receive another 27.4 percent stake in Postbank after three years. For the remaining 12.1 percent, there are future purchase options in place, Deutsche Post said.
Deutsche Post agreed to sell off its Postbank unit to Deutsche Bank late last year, improving Deutsche Bank’s position as Germany’s largest bank with more private customers and retail locations.
Shares of Deutsche Post were down about 2 percent at euro9.20, while shares of Deutsche Bank were also down 2 percent at euro41.82 in Frankfurt morning trading.
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