German state sells down stake in Deutsche Post

13th July 2006, Comments 0 comments

13 July 2006, FRANKFURT - Shares in Germany's postal service, Deutsche Post AG fell Wednesday after the state-owned development bank Kreditanstalt fuer Wiederaufbau (KfW) said it was selling a 1.5 billion euros (1.9 billion dollars) stake in the group.

13 July 2006

FRANKFURT - Shares in Germany's postal service, Deutsche Post AG fell Wednesday after the state-owned development bank Kreditanstalt fuer Wiederaufbau (KfW) said it was selling a 1.5 billion euros (1.9 billion dollars) stake in the group.

The KfW offer of 70.8 million Deutsche Post shares resulted in the group's stock price dropping by about two per cent to 20.44 euros in early afternoon trading.

The sale will result in the KfW's stake in Deutsche Post falling from 41.6 per cent to 35.5 per cent, the institute said.

The move follows the KfW's sale in April of a 4.5 per cent holding in telephone giant Deutsche Telekom AG to the US investor Blackstone.

While the KfW still retains a 16.6 per cent stake in Telekom, Germany's federal government has a 14.6 per cent holding in the Bonn-based phone company.

DPA

Subject: German news

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