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Special tasks commissioned by the Federal Government

Important function in the privatisation of Deutsche Telekom and Deutsche Post.

As part of the privatisation of Deutsche Telekom AG and Deutsche Post AG, and the special transactions mandated by the Federal Government, KfW has been buying shares from the Federal Government, and selling some of them in various capital market transactions, in several stages from 1997 onwards. KfW and the Federal Government have agreed that the privatisation of Deutsche Telekom and Deutsche Post will be continued for the long term. Where the market situation is deemed appropriate, KfW will be exploiting suitable capital market windows for further privatisation measures in close consultation with the Federal Government.

Shareholders in Deutsche Telekom AG were again allowed to choose in 2017 to have the dividend for the past financial year paid out in cash or as shares. After delivery of new shares from the exercise of subscription rights based on its dividend claims, KfW received around 829.2 million shares in Deutsche Telekom AG at the end of 2017. This corresponded to around 17.4% of the share capital of Deutsche Telekom AG as of 31 December 2017.

KfW's holding in Deutsche Post AG during the course of 2017 remained unchanged at 253.9 million shares. This corresponded to 20.9% of the share capital of Deutsche Post AG as of 31 December 2017.

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Legal notice:
The information contained in this online Annual Report 2017 is based on KfW’s Financial Report 2017, which you can download here. Should this online Annual Report 2017, despite the great care taken in preparation of its content, contain any contradictions or errors compared to the Financial Report, the KfW Financial Report 2017 takes priority.

Blick auf die Dachterasse des Haupthauses der KfW-Niederlassung in Frankfurt im Juli 2014
KfW at a Glance

KfW is one of the world’s leading promotional banks. With its decades of experience, KfW is committed to improving economic, social and ecological living conditions across the globe on behalf of the Federal Republic of Germany and the federal states.