Deutsche Bahn could part with a large part of its international business. The sale of the Schenker logistics division is being prepared internally, said the chairman of the railway and transport union, Klaus-Dieter Hommel, on Friday of the German Press Agency. Hommel currently also heads the supervisory board of the state-owned company. The railways and the Federal Ministry of Transport did not want to comment on possible sales plans.
Transport for industry and trade
Hommel criticized: “The planned sale is economic nonsense.” Schenker supplies 30 percent of group sales and generates stable profits. The railway is also wasting the opportunity to be a powerful provider in international freight transport.
DB Schenker offers transport for industry and trade on land, water and in the air. 74,200 employees work at 2,100 locations worldwide. There was always speculation about a sale. Media reports mentioned purchase prices of up to 20 billion euros and several international financial investors as potential buyers.
The highly indebted railway group is under economic pressure. CEO Richard Lutz had previously expressed reservations about a Schenker sale. In the federal government, however, there are supporters, especially among the Greens and the FDP.
According to Hommel, a sale would be possible in 2024 at the earliest. First of all, a supervisory board resolution will be prepared this year to work out the various options for privatization, such as a participation or an IPO.
“The representatives of the EVG will not agree,” announced Hommel. He warned against accusing the profitable subsidiary of “locusts”. Instead, it should be completely interlocked with the rail freight division DB Cargo.
Hommel speaks of “total failure”
The railway supervisory board is currently being reorganized after the previous chairman, Michael Odenwald, surprisingly withdrew in July. The day before, Federal Transport Minister Volker Wissing (FDP) had declared the railway a top priority. A steering group in the ministry is to coordinate the general renovation of the German rail network and monitor the restructuring of the group. Hommel sharply criticized the ministry and spoke of a “total failure”. “Nothing has happened since.”
According to Homel, Secretary of State for Finance Werner Gatzer (SPD) will probably move up to the top of the supervisory board. The EVG representatives would support this. “He’s been on the supervisory board for a long time, he knows the railways and is a proven financial expert,” said Hommel.
