Deutsche Post DHL today successfully completed its exit from the banking business with the disposalof its final shares in Postbank to Deutsche Bank under their previously agreed €4.9 billion deal.
Upon the maturity of a mandatory exchangeable bond on February 27, Deutsche Post DHLtransferred an additional 27.4 per cent of shares in Deutsche Postbank AG to Deutsche Bank AG. Inaddition, today, Deutsche Post DHL exercised its put option for its remaining 12.1 per cent ofPostbank shares.
Both transactions were part of a three-stage stock-selling program worked out by bothcompanies in January 2009. The agreement was implemented in February 2009 when the first tranche of22.9 per cent, or 50 million shares, was transferred. Following the completion of stages two andthree, which involved the transfer of a total of 86.4 million Postbank shares, Deutsche Post DHL nolonger holds any Postbank shares.
Deutsche Post DHL said it received the entire countervalue for its stock package totaling€4.9 billion when the agreement was signed in 2009. As a result, today’s formal completion of theagreement will have no effect on the Group’s cash flow and liquidity. The final valuation offinancial instruments related to the sale of Postbank will be carried out in the first quarter andwill be eliminated entirely afterwards.
“We were able to withdraw from the banking business at a very difficult time for thefinancial industry at attractive conditions,” said Frank Appel, CEO of Deutsche Post DHL. “Sincethen, we have been able to channel all of our energies into successfully carrying out our mailoperations and driving the implementation of our growth strategy in our global logistics business.Under the umbrella of Deutsche Bank, Postbank will be able to continue its positive evolution. Evenafter the sale, we will continue to maintain a close working relationship with Postbank in ourretail-outlet business.”
Postbank had belonged to the Deutsche Post Group since 1999. As part of its focus on its corecompetencies – mail and global logistics – Deutsche Post DHL initiated its gradual withdrawal fromthe financial services business in September 2008 with an agreement to sell its Postbank stake toDeutsche Bank. This agreement was once again modified in January 2009 and has now been completelycarried out.
The successful retail-outlet partnership between Deutsche Post DHL and Postbank will continueafter the divestment. Postbank independently operates about 1,100 former Post retail outlets asPostbank Financial Centers, giving it one of Germany’s largest networks of bank branches. On behalfof Deutsche Post, Postbank’s branches offer the full range of postal services. Many partner retailoutlets of Deutsche Post also offer Postbank’s financial services, such as savings and checkingaccounts.
