FRANKFURT (dpa-AFX) - Germany will receive more than two billion euros from the sale of part of the state holding in DHL Group. According to an announcement late Tuesday evening, the state-owned bank KfW sold 50 million shares in DHL Group (formerly Deutsche Post) for 43.45 euros each. The German state thus received almost 2.2 billion euros gross. The DHL Group share price came under pressure.

With a drop of a good four percent to 42.54 euros, DHL shares brought up the rear of Germany's leading index, the Dax, on Wednesday. The setback from the interim high of a good 47 euros reached in mid-December thus continued. The shares are currently trading at the same level as in November.

The placement of the DHL shares in an accelerated procedure was aimed at institutional investors. With the sale, the state's stake will fall from 20.5 to 16.5 percent. KfW remains a major shareholder in the Post.

The move is not unexpected, as the government needs money in view of the budget debate and the German rail network in need of renovation. The German government wants to modernize the rail network in the coming years with many billions of euros - plans that were thrown into disarray by the budget ruling of the Federal Constitutional Court in November last year. By mid-December, however, it was clear that there would be no cuts to rail spending.

However, other sources of funding than originally planned had to be found. In the course of this, it was also rumored from finance ministry circles that federal holdings that were no longer necessary were to be sold. In this context, "Der Spiegel" reported that the government only wanted to hold a strategic stake of 25 percent plus one share in Deutsche Telekom. In contrast, the government is said to be planning to sell more shares in Deutsche Post.

At the end of 2023, the federal government held 13.83% of Deutsche Telekom and KFW a further 16.63%. That makes a total of just under 30.5 percent./mis/ngu/stk