Deutsche Post DHL sells first half of its Deutsche Bank shares05/14/2009, 08:00 PM CEST
- Successful placement of 25 million Deutsche Bank shares leads to additional cash inflow of around 100 million euros
- Deutsche Bank holding now at 4 percent – sale marks further step in focus on mail and logistics business
- Remaining Deutsche Bank shares can be disposed of starting June in line with mechanisms to avoid market disturbances
Bonn:Deutsche Post DHL has sold the first half of its shares in Deutsche Bank AG as planned. With the sale of Deutsche Bank shares in the market, Deutsche Post DHL’s holding fell to 4 percent, below the 5 percent-threshold that requires a notification of the public according to stock market regulations. The stock was sold at a price that led to an additional cash inflow exceeding the originally agreed price by around 100 million euros.
Deutsche Post had received 50 million shares, a holding of around 8 percent, in Deutsche Bank as part of the transaction on the sale of its stake in Deutsche Postbank AG. Deutsche Post could dispose over half of this holding from the end of April 2009. The other half is completely hedged and can be disposed of from June. Like the first half, the second half of the shares is also subject to agreed mechanisms designed to avoid market disturbances.
“We are very pleased that we could place the stock successfully,” said Deutsche Post DHL Chief Executive Officer Frank Appel. “This sale marks another big step in our effort to 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 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.