Ad hoc: Deutsche Post World Net supports Postbank strategic initiative10/27/2008
Bonn: The Supervisory Board of Deutsche Post AG has approved that Deutsche Post, as majority shareholder of Deutsche Postbank AG, will participate with up to 100 percent in the bank’s planned capital increase. The Group thus supports the strategic initiative presented today by Postbank to further develop its successful strategy and a sustainable improvement of earnings quality. Deutsche Post is fully supportive of Postbank’s business model and its growth prospects as one of Germany’s leading retail banks.
Deutsche Post has committed to subscribe to the planned rights issue of 54.8 million shares at the subscription price according to its stake of 50 percent plus one share in Postbank. As far as the subscription price does not exceed 18.25 euros, Deutsche Post has also committed to subscribe to all shares that are not taken up by the market at the subscription price. The maximum committment by Deutsche Post thus would not exceed 1 billion euros, which it would finance out of the Group’s cash flow.
As a result of this measure, Deutsche Post’s stake in Postbank would initially increase to a maximum of 62.52 percent. The September agreement with Deutsche Bank AG, under which it will – upon antitrust and regulatory approvals – acquire a 29.75 percent stake in Postbank from Deutsche Post in the first quarter of 2009, remains in place.
The agreement foresees that Deutsche Bank will assume 29.75 percent of the newly issued shares from Deutsche Post at the subscription price, whereas the price for the old shares remains as agreed on. This also applies to the call/put option agreement with Deutsche Bank, which otherwise remains unchanged.