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Deutsche Post, Deutsche Bank complete transaction on sale of Postbank shares
The acquisition of the 50 million Postbank shares, totaling a 22.9 percent stake, as part of the first tranche will be carried out with the entry into the Commercial Register of the noncash capital increase of 50 million Deutsche Bank shares to the benefit of Deutsche Post.
With the entry of the capital increase, Deutsche Post will hold a stake of about 8 percent in Deutsche Bank. As planned, these shares are partially covered by hedging mechanisms. Beginning at the end of April, the Group may dispose of half of these shares. The other half may be sold beginning in mid-June. Mechanisms to avoid possible market disturbances have been agreed upon for the sale.
As part of the above mentioned transaction, Deutsche Bank has subscribed 100 percent of a mandatory exchangeable bond issued by Deutsche Post that will be exchanged against 60 million Postbank shares, or 27.4 percent stake, after three years, including accrued interest payments.
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