A first placing of shares on international markets of German telecommunications monopoly Deutsche Bundespost Telekom could yield the equivalent of up to $14,000m beginning in 1994, according to a study by Deutsche Bank. If partially privatised by 1994, Telekom would post a net profit of $2,650m in 1995 marks, according to the Deutsche Bank corporate finance division study, a copy of which was obtained by Reuters. Up to 40% of the first tranche of shares could be offered abroad, it said, with the balance traded on the Frankfurt stock exchange, with Telekom’s market capitalisation expected to account at the start for 11.9% of the total capitalisation of the companies in the 30-share DAX index. Corporatist habits die hard, and Finance Minister Theo Waigel wants to privatise 49% of Telekom, with 51% and control remaining with the state.
