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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.
Mistakes were made.
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