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Business

Germany Sells Stakes in Deutsche Post, Deutsche Telekom

The German government announced on Tuesday that it has sold part of its stakes in Deutsche Post and Deutsche Telekom, the former state-backed post and telecoms monopolists, raising €5.5 billion ($6.3 billion). According to a statement from KfW investment bank, a state-owned bank used to hive off government assets, it has paid for a 30 percent stake in Deutsche Post and 4.7 percent of Deutsche Telekom. The bank now holds 48.3 percent of Deutsche Post and 16.7 percent of Telekom. The German government is counting on the returns from selling assets to plug budget holes caused by three years of economic stagnation.