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Deutsche Post DHL completes sale of Deutsche Bank shares
- Successful placement of all Deutsche Bank shares completed
- Sale marks important step in focus on mail and logistics business
Deutsche Post DHL has sold the remaining shares in Deutsche Bank AG as planned, marking an important step toward a pure mail and logistics company. The shares were sold on the market. Total proceeds from the sale of its 50 million Deutsche Bank shares, which Deutsche Post had received as part of the transaction to sell a stake in Deutsche Postbank in March, amounted some 100 million euros more than originally anticipated. The total cash inflow from the sale of its Postbank stake now totals around 5.0 billion euros. Deutsche Post DHL thus no longer holds shares in Deutsche Bank.
"We are very pleased that we were able to sell the shares in Deutsche Bank as planned in such a swift and successful manner," said Chief Executive Officer Frank Appel. "With this sale, we've completed another major step in our effort to purely focus on mail and logistics."
The transaction on the sale of Postbank shares that Deutsche Post and Deutsche Bank agreed in January was completed as planned on Feb. 25, 2009. Deutsche Bank has already received a first 22.9 percent holding in Postbank from Deutsche Post in exchange for 50 million of its own shares raised in a capital increase. Deutsche Bank will receive another another 27.4 percent stake in Postbank after three years upon maturity of the mandatory bonds exchangeable into Postbank shares. For the remaining 12.1 percent stake put and call options are in place, for which the exercise periods are set between the 36th and 48th month after closing.
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