The head of Deutsche Post, which has been forced to postpone a flotation of its banking subsidiary Postbank, criticised Deutsche Bank indirectly on Sunday over a leaked document that played a role in the delay.
As Deutsche Post was painstakingly preparing its initial public offering (IPO), the press and potential investors received the leaked internal Deutsche Bank document valuing Postbank at a price lower than that being promoted.
The study valued the bank at 4.4-5.3 billion euros (5.3-6.4 billion dollars), well down on the six billion euros Deutsche Post hoped for.
When asked how much the leak had cost his group, Deutsche Post chairman Klaus Zumwinkel said: "a certain sum."
Early response to the IPO had been no more than tepid, with investment funds urging the semi-privatised postal monopoly to lower its price range.
Deutsche Post said the book-building range - the price range for marketing the transaction to investors - had been revised down about 10 percent from 31.50-36.50 euros (37.80-43.80 dollars) a share to 28-32 euros (33.7-38.5 dollars).
It also said only two-thirds of the 82 million shares originally destined for the stock market would be put on offer to the public. The remaining third will be issued in the form of a three-year convertible loan.
"In this very difficult game of poker" - the negotiating period with investors - "there should be no signs of weakness," said Zumwinkel, especially not by suggesting that Deutsche Post is ready to lower its price.
Sadly, he said, "we have experienced this because of a document from one of the main co-ordinators."
The flotation, billed as the biggest listing in Germany since Deutsche Post itself went public almost three years ago, will now take place on Wednesday instead of Monday.
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