Germany's state-owned railways Deutsche Bahn (DB) today confirmed plans to partially privatise its subsidiary DB Schenker Logistics as part of an extensive restructuring programme - DB2020 - which will be launched at the beginning of next month.
In a statement issued, it said the move was designed 'to boost strategic development and finance further growth.'
DB did not elaborate on how much of DB Schenker Logistics - which it describes as 'the world’s second largest transportation and logistics services provider based on revenues and performance' - was earmarked for privatisation and which specific parts of the business would be included in it.
Media reports claimed there were plans to sell a stake of least 20% of DB Schenker Logistcis to a third party.
A DB spokesperson said: 'A sale of DB Schenker Logistics is not planned. DB will offer details about other possible steps in December.'
The spokesperson added: 'At the H1 results press conference earlier today, the chief financial officer of DB Mobility Logistics, Richard Lutz, said, the goal was to make a decision in December,on the “if, how and when” a partial sale could take place. Right now there will be no ideas or numbers presented.'
In 2014, DB Schenker Logistics generated revenues of around €19.8 billion, approximately 50% of the DB Group’s revenues.
'Through its Transportation and Logistics Division, DB holds top positions in global air and ocean freight and has Europe’s densest land transport network and the rail expertise of Europe’s largest rail freight company,' the Group said in a previous press release.
Today's statement stipulated that DB Mobility Logistics AG - 'which was created years ago in anticipation of a potential IPO' - and is organised into six business units - DB Bahn Long Distance, DB Bahn Regional, DB Arriva, DB Schenker Logistics, DB Schenker Rail, and DB Services - 'will be merged with DB AG, the Group holding company. This step will reduce duplicate structures and simplify coordination and approval processes.'
source: LloydsLoadingList