Deals of the year: Western Europe

Best Equity deal

Asia Latin America Emerging Europe Western Europe North America

Best Equity deal

Deutsche Postbank

Deal size: €2.635 billion

Date: June 2004

Bookrunners: Deutsche Bank, Morgan Stanley

With damaging leaked memos, threatened lawsuits, public valuation debates and speculation that one of the bookrunners might be preparing to buy the company it was supposed to be selling, Deutsche Postbank’s IPO could easily have been a humiliating public disaster for all concerned. But excellent behind-the-scenes communication and a solid plan B saved the day for Germany’s largest IPO since Deutsche Börse’s €988 million IPO in 2001.

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