Speculation grew in German and international media today that Deutsche Post chairman KlausZumwinkel could retire at the end of the year, and that its banking subsidiary Postbank could be
sold off to Deutsche Bank in what would be a multi-billion euro transaction.The Financial Times reported that Zumwinkel, who will be 65 in December, would retire fromthe post that he has held since 1990 and also from the position of Deutsche Telekom supervisoryboard chief. His current contract as Deutsche Post chairman runs until November 2008.
According to the FT, board member Frank Appel is favoured as Zumwinkel’s successor bygovernment figures and unions, while institutional investors would prefer CFO John Allan. Zumwinkel is widely expected to take over the post of Deutsche Post supervisory board chairmanshould he retire as management board chairman and CEO.
Zumwinkel has said several times in recent months that he will first decide in the summerwhether to seek renewal of his contract. A Deutsche Post spokesman was cited by news agencies asreiterating that no decision had yet been taken, and that Zumwinkel would make a decision thissummer as planned.
Meanwhile, Deutsche Bank chairman Josef Ackermann stated today that Germany’s largest bankwould be “open for talks” if approached regarding the acquisition of Postbank but would not buy atany price. A merger of Postbank, which is Germany’s largest retail bank with 14.5 millioncustomers, with Deutsche Bank would be “a sensible solution for Germany,” he commented at the bank’s results press conference. But no talks are taking place, he added.
Speculation has grown in recent months that Deutsche Post might be prepared to sell Postbankfollowing remarks by Zumwinkel last autumn that the future of Postbank could be considered onceliberalisation of the German postal market had taken place. Deutsche Post owns 50% plus one sharein Postbank, which has been valued at EUR 9 billion.
