DEUTSCHE POST APPROVES PROGRAM TO REPURCHASE SHARES
The shareholders of Deutsche Post World Net, Germany’s giant mail and logistics group, have approved a plan to buy back up to 10 percent of shares.
The buy back authorization runs through November 2003.
The group said that approximately four percent of Deutsche Post shares are held by U.S. institutional investors.
The shareholders of Deutsche Post also approved a 37 percent increase in the yearly dividend, to 0.37 euro (35 cents), from 0.27 euro last year, for a total payout of Euro 412 million ($390 million).
In 2001, Deutsche Post world Net achieved record revenues and profit, while decreasing net financial debt and increasing cash flow.