Deutsche Post rebuffs Commerzbank merger talk

13th December 2004, Comments 0 comments

13 December 2004 , BONN - Deutsche Post, which this year floated nearly half the stock in its banking subsidiary Deutsche Postbank, rebuffed on Monday an expression of interest from Commerzbank in a takeover. "There have been no talks with Commerzbank, nor are there any now," said a Post spokeswoman. Nor were there any plans to alter Postbank's ownership structure. The head of Commerzbank, Germany's third-largest business bank, signalled interest in a takeover of stockmarket-listed Deutsche Postbank, the f

13 December 2004

BONN - Deutsche Post, which this year floated nearly half the stock in its banking subsidiary Deutsche Postbank, rebuffed on Monday an expression of interest from Commerzbank in a takeover.

"There have been no talks with Commerzbank, nor are there any now," said a Post spokeswoman. Nor were there any plans to alter Postbank's ownership structure.

The head of Commerzbank, Germany's third-largest business bank, signalled interest in a takeover of stockmarket-listed Deutsche Postbank, the former post office bank, in a news interview on Sunday.

A merger would create Europe's biggest retail bank, said Commerzbank chief executive Klaus-Peter Mueller.

Although Commerzbank's balance sheet is about triple the size of Postbank's EUR 132 billion, the smaller bank can boast some 11.5 million customers including huge numbers of small businesses.

DPA

Subject: German news

 

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