Deutsche Post To Go Public

The chairman of Deutsche Post, Germany’s mail monopoly, said Monday night his company is forecasting a sharp increase in profits for 2004 and plans to sell 49 percent of its shares next year in a public offering. Klaus Zumwinkel said the company hoped to raise at least €2.5 billion ($2.95 billion) through the IPO, which would be used to reduce the company’s debt as well as expand its distribution centers across Europe. Deutsche Post, which the German government owns a majority of, intends to go public as soon as next autumn. The company expects profits of close to €3 billion before interest payments, taxes and write-offs.