KfW sold 2.079 bln euros worth of Deutsche Post shares

0 Comments | AFP, June, 2005

FRANKFURT (AFP) — German state-owned bank KfW said it had sold a total 110 million shares in Deutsche Post, priced at 18.90 euros apiece, raising 2.079 billion euros (2.5 billion dollars) in all for the German government.

The shares were sold to institutional investors via an accelerated book-building process on Monday.

And a further 16.5 million shares could be sold via an additional greenshoe option between now and July 14, KfW said in a statement.

In the wake of the sale, the German government has cut its stake in Deutsche Post to below 50 percent, said KfW, which Berlin traditionally uses as its privatisation vehicle.

The proportion of Deutsche Post's share capital now in free float stands at 53.8 percent from 44 percent previously.

And...