FRANKFURT (Reuters) - Germany is sounding out investment banks about selling at least part of its stake in Deutsche Post DHL (DPWGn.DE), Europe’s biggest express delivery and mail company, three people familiar with the process told Reuters on Friday.
Germany holds 30.5 percent, or 368 million shares, in Deutsche Post via state-controlled development bank KFW KFW.UL with a current market value of around 4.9 billion euros ($6.17 billion).
Of that, about 54 million shares - worth about 720 million euros - are locked up in a convertible bond which comes due on July 31, 2014.
KFW has contacted investment banks this week about the possible sale, the sources said, adding no bank has been formally mandated yet.
Deutsche Post, KfW and Germany’s finance ministry declined to comment.
Deutsche Post has previously signaled that further privatization steps would be welcome.
Reporting By Alexander Huebner, Edward Taylor, Philipp Halstrick, Matthias Inverardi