DEUTSCHE POST OFF TO SLOW START
Deutsche Post AG, the German logistics and mail giant, watched its shares rise modestly during the first day of trading in Frankfurt on Monday.
In early evening trades, Deutsche Post shares were selling at around 21.50 euro ($18.30), up about 2.5 percent from the 21 euro offering price. Europe's largest initial public offering this year netted Deutsche Post owner KfW bank 6.6 billion euro ($5.61 billion). KfW, which is owned by the German government, sold about 25 percent of Deutsche Post to the public.
The overall market environment in Frankfurt was shaky. But analysts also cited as a reason for Deutsche Post's slow start some uneasiness among retail investors concerned with the company's future.
Deutsche Post has spent billions of dollars in the past three years buying dozens of companies, including Swiss forwarder Danzas AG, American forwarder Air Express International and two German banks. Investors could be worrying about the company's integration plans, which some now say may take up to four years to complete. Several European Commission investigations also are hanging over Deutsche Post's head.