• ITVI.USA
    15,378.070
    -88.350
    -0.6%
  • OTLT.USA
    2.743
    0.001
    0%
  • OTRI.USA
    20.820
    0.290
    1.4%
  • OTVI.USA
    15,350.040
    -89.040
    -0.6%
  • TSTOPVRPM.ATLPHL
    3.280
    -0.020
    -0.6%
  • TSTOPVRPM.CHIATL
    3.190
    0.050
    1.6%
  • TSTOPVRPM.DALLAX
    1.560
    -0.030
    -1.9%
  • TSTOPVRPM.LAXDAL
    3.420
    0.090
    2.7%
  • TSTOPVRPM.PHLCHI
    2.220
    0.050
    2.3%
  • TSTOPVRPM.LAXSEA
    4.080
    0.000
    0%
  • WAIT.USA
    126.000
    1.000
    0.8%
  • ITVI.USA
    15,378.070
    -88.350
    -0.6%
  • OTLT.USA
    2.743
    0.001
    0%
  • OTRI.USA
    20.820
    0.290
    1.4%
  • OTVI.USA
    15,350.040
    -89.040
    -0.6%
  • TSTOPVRPM.ATLPHL
    3.280
    -0.020
    -0.6%
  • TSTOPVRPM.CHIATL
    3.190
    0.050
    1.6%
  • TSTOPVRPM.DALLAX
    1.560
    -0.030
    -1.9%
  • TSTOPVRPM.LAXDAL
    3.420
    0.090
    2.7%
  • TSTOPVRPM.PHLCHI
    2.220
    0.050
    2.3%
  • TSTOPVRPM.LAXSEA
    4.080
    0.000
    0%
  • WAIT.USA
    126.000
    1.000
    0.8%
American Shipper

DPWN sells Postbank stake to focus on logistics

DPWN sells Postbank stake to focus on logistics

   Deutsche Post World Net, the German owner of DHL, has sold a minority stake of 29.75 percent in retail bank Deutsche Postbank to Deutsche Bank for 2.79 billion euros ($3.93 billion) with options for further share purchases.

   The 57.25 euros per share acquisition is subject to approval by regulatory and antitrust authorities and the German government, and will close in the first quarter of 2009.

   Deutsche Bank will pay for the stake in cash and intends to fund the acquisition through an equity raising of up to 2 billion euros.

   In addition to the minority stake acquisition, Deutsche Post has granted Deutsche Bank an option to acquire an additional 18 percent of Postbank for 55 euros per share, exercisable between 12 months and 36 months after acquisition of the initial minority stake. Moreover, Deutsche Post has granted Deutsche Bank a right of first refusal for its remaining Postbank shares.

Appel



   Deutsche Post has been granted a put option to sell its remaining stake of 20.25 percent plus one share in Postbank to Deutsche Bank. Deutsche Post can exercise this option between 21 months and 36 months after acquisition of the initial 29.75 percent stake at a price of 42.80 euros per share. Deutsche Bank can settle both options either in cash or fully or partially with its own shares.

   “This transaction provides stability to Postbank and helps realizing its ambitious growth targets, which we will continue to support in the future,” said Frank Appel, chief executive officer of Deutsche Post. “With Deutsche Bank, we have found a reliable partner to pass on part of our shareholding at an appropriate time. This will allow us to focus on our core logistics businesses worldwide. We are the global market leader. We are now focusing on organic growth, an even higher quality and full customer orientation.”

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