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Postbank shares fall as takeover rumors dismissed

Shares in Germany's biggest retail bank Postbank have fallen by 2.8% after Deutsche Post quashed rumors that it was about to put the lender up for sale.

An announcement from Deutsche Post that it would remain in control of the retail franchise for the foreseeable future deflated sale hopes, and shares in the bank fell after the statement. Recently shares had been rising on market speculation of an imminent takeover.

Unicredito Italiano and Royal Bank of Scotland have both been cited as possible bidders for the bank, in which Deutsche Post owns a 50.1% stake. Deutsche Post, meanwhile, saw its own shares rise 2% on the announcement, making the incumbent postal operator the best performer on the benchmark German DAX index.