Lovells Boesebeck in Deutshe Post IPO

Lovells Boesebeck Droste is advising the German government on the initial public offering (IPO) of Deutsche Post in a deal involving law firms from three countries.

The Anglo-German firm will handle the sale of up to 35 per cent of the company, planned for later this year.

Werner Michael Waldeck, a partner at Lovells Boesebeck in Frankfurt, is leading the team working on the deal.

Deutsche Post is thought to be worth between £17bn and £18bn, so proceeds from the flotation could net the government as much as £6bn, equalling Deutsche Telekom's IPO in 1996.

The government is being advised by German firm Hengeler Mueller Weitzel Wirtz, with partners Max Schiessl and Reinhold Ernst fronting the group working on it.

Shares will be issued under Rule 144a, which exempts purchasers from the US Securities Act and allows them to trade in foreign shares. US firm Sullivan & Cromwell will handle the 144a issue, with Paris partner David Morrison heading the project.