The German state now owns less than 25 per cent of Deutsche Post AG shares and no longer has ablocking minority share of voting rights after various investors converted a bond into company
shares, giving institutional and private investors more than 75 per cent of the postal andlogistics group.The Deutsche Post share free float now amounts to 75.1 per cent, comprising 63.5 per centheld by institutional investors, mostly from the UK, US and Germany, and a further 11.6 per cent byprivate investors, according to DP DHL investor information. The KfW bank group, which holdsvarious state stakes in privatised companies, now owns 24.9 per cent, including 3.9 per cent as aconvertible bond.
State-owned KfW, which previously held 25.5 per cent of shares, announced yesterday that itsshareholding in Deutsche Post AG has fallen below the 25 per cent threshold of voting rights. Thiswas the results of investors exercising their right to exchange a KfW convertible bond intoordinary registered shares of Deutsche Post AG.In line with Germany’s privatisation strategy, KfWissued an exchangeable bond on 23 July 2009, due on 30 July 2014, that could be converted intoordinary registered shares of Deutsche Post AG.
“KfW’s shareholding fell below the 25 per cent threshold solely as a direct consequence ofshare deliveries following the exercise of the exchange rights by investors. Hence, it does notresult from a new privatisation transaction,” the bank emphasised.
Germany plans to gradually reduce its stake in Deutsche Post further over the long-term butthere is no official timescale for further privatisation steps. The KfW reduced its holding from 50per cent to just over 25 per cent with various share sales over the last decade, with the mostrecent sale in September 2012 raising €924 million.
