Deutsche Post exits from Deutsche Bank
07 Jul 2009
Deutsche Post DHL, the world's largest logistics group has totally exited from Deutsche Bank AG by selling its remaining shares in the bank, which it had sold to the German banking group.
Late last year Deutsche Post sold off its Post's retail banking arm, Postbank to Deutsche Bank. As per the terms of the deal, in January 2009 received an 8 per cent stake in Deutsche Bank as part of a deal, through which Deutsche Bank acquired a 22.9-per cent stake in Deutsche Postbank.
The Bonn-based Deutsche Post DHL said that the 50 million Deutsche Bank shares it had received as part of the transaction, were sold on the market.
Deutsche Post said that Deutsche Bank has already received the first 22.9-per cent 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 another 27.4 per cent stake in Postbank after three years upon maturity of the mandatory bonds exchangeable into Postbank shares.
The total proceeds from the sale amounted to approximately €100 million more than originally anticipated and the total cash inflow from the sale of its Postbank stake now totals around €5.0 billion.
