Germany's state-owned development and infrastructure bank KfW Bankengruppe, the largest shareholder of the German postal and logistics firm Deutsche Post AG (DPSTF.PK,DEUPF.PK), said it will cut its holding in Deutsche Post by 5 percent. KfW will still remain its largest shareholder, with an aggregate holding of around 25.5 percent.
KfW Bankengruppe currently holds about 368 million shares, corresponding to 30.5 percent of the share capital of Deutsche Post.
The Frankfurt-based company said it is commencing private placement of 60 million shares of its holding in Deutsche Post with institutional investors.
The bank noted that following the successful placement, Deutsche Post's free float will increase to about 74.5 percent from 69.5 percent, of which 10.2 percent are held by private investors.
KfW has entered into a lock-up agreement of 90 days with Bookrunner, Bank of America Merrill Lynch, for its remaining shareholdings. KfW is advised by Rothschild in the transaction.
Last month, Deutsche Post DHL had reported a sharp decline in the second-quarter profit reflecting a one-time VAT payment in the MAIL division. The company, however, said that helped by DHL divisions, it expects to report better earnings and revenue for the second half.
Deutsche Post shares are currently trading at 15.32 euros on Frankfurt's Xetra, down 4.16 percent, on a volume of 2.87 million shares.
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