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6 May 2004
COLOGNE – German postal authority Deutsche Post is to list almost half of its banking unit, Postbank, on the stock exchange, Deutsche Post chairman Klaus Zumwinkel said Thursday.
Deutsche Post plans to list up to 50 percent of its equity capital, minus one share, on 21 June.
Zumwinkel said Postbank, Germany’s biggest retail bank, was “ready for the exchange”.
The subscription period for the new shares is to begin on 7 June. Purchase preference will go to Deutsche Bank shareholders as well as Postbank employees and the bank’s 11.5 million customers.
Analysts said the Postbank listing will be the most important stock market debut in Germany in three years.
DPA
Subject: German news