close
Fox News Flash top headlines are here. Check out what’s clicking on Foxnews.com.
Germany’s state-owned development bank has sold shares in the company that owns the national postal service for about 2.17 billion euros ($2.3 billion), reducing the government’s stake and raising money to help finance improvements to the country’s rail network.
FORMER HEAD OF GERMANY’S DOMESTIC SPY AGENCY FACES SCRUTINY FOR ALLEGED EXTREMISM
The KfW bank, which holds the government’s remaining stakes in previously state-held companies, said late Tuesday that it had sold 50 million shares of Deutsche Post — the name under which it still trades on the stock exchange, although the company is now known as DHL Group — at 43.45 euros each. That amounts to 4% of the company’s shares.
A postal truck and Airbus A300-600 cargo aircraft, both sporting DHL liveries, sit on the tarmac at Leipzig-Halle Airport in Leipzig, Germany, Oct. 12, 2016. (Krisztian Bocsi/Bloomberg via Getty Images)
The sale cuts the state’s stake in DHL to 16.5%, though it is still the largest single shareholder. The proceeds are to be used to strengthen the capital of Germany’s main railway operator, the state-owned Deutsche Bahn, to help it upgrade railway infrastructure, the Finance Ministry said Wednesday.
The government is turning to privatization proceeds to help finance improvements to the rail network after a court ruling forced it to plug a big hole in this year’s budget and reconsider its wider financial plans.
CLICK HERE TO GET THE FOX NEWS APP
In November, Germany’s highest court annulled a decision made by the government in 2022 to repurpose 60 billion euros originally meant to cushion the fallout from the COVID-19 pandemic for measures to help combat climate change and modernize the country. The maneuver ran afoul of Germany’s strict self-imposed limits on running up debt.
close Video Dozens of Christian graves toppled and vandalized in historic Jerusalem cemetery Israel Police…
President-elect Trump has rounded out his picks for the top 15 positions within his Cabinet,…
close Video Israeli Prime MInister Netanyahu pushes back on ICC charges Fox News senior foreign…
close Video Civil Air Patrol plane crash in Colorado leaves 2 dead, 1 injured The…
close Video Montreal demonstrators clash with police, set off smoke bombs in destructive protest A…
President-elect Trump tapped Brooke Rollins as his agriculture secretary. In a statement on Saturday, Trump…