The transaction for the sale of Postbank shares to Deutsche Bank agreed in January was completed on 25 February 2009 as planned. Deutsche Bank received a 22.9% interest in Postbank from Deutsche Post DHL in return for 50 million Deutsche Bank shares from a capital increase (first tranche). By July 2009, Deutsche Post DHL sold all of its shares in Deutsche Bank AG on the market, as planned, taking a key step towards becoming a pure-play mail and logistics group. The Group generated around €100 million more than anticipated from the sale of the 50 million Deutsche Bank shares. Deutsche Post DHL now no longer holds any shares in Deutsche Bank. The first tranche affected earnings in 2009 by €571 million; this amount is contained in profit from discontinued operations and in net financial income.
An additional interest of 27.4% will be transferred to Deutsche Bank after three years when a mandatory exchangeable bond on Postbank shares becomes due (second tranche).
In a third tranche, Deutsche Post DHL and Deutsche Bank agreed on options for the sale/purchase of a further 12.1% of Postbank’s shares. These options cannot be exercised until February 2012. Net financial income includes income of €647 million that reflects the performance of the options on the market.
So far, Deutsche Post DHL has received a total of around €5 billion from the sale of its interest in Postbank.
Insolvency proceedings for Arcandor subsidiaries Karstadt Warenhaus GmbH and Quelle GmbH, two of Deutsche Post DHL’ s key customers in Germany, were opened on 1 September 2009. Quelle GmbH has since been liquidated. These insolvency proceedings impacted earnings by a total of €–247 million in our financial statements for the period ended 31 December 2009.