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Germany: Supervisory board approves company structure designed for IPO

May 2008.


Deutsche Bahn AG has no plans to cut jobs and reiterated compulsory redundancies related to its privatisation are ruled out through to 2023, the company said in a statement.

'There are no such plans and least of all are there according decisions,' chief executive Hartmut Mehdorn was quoted as saying.

The German rail operator's designated head of human resources, Norbert Hansen, told Bild newspaper in an interview published Friday the company needs to further streamline its operations, which in selected areas will imply job cuts.

Deutsche Bahn AG. said its supervisory board on Thursday approved a new company structure that paves the way for an initial public offering of the German rail operator expected for November.

The German government has decided to sell a 24.9 percent stake in Deutsche Bahn's passenger handling, rail cargo and logistics operations.

The company's rail network and property will be transferred into a separate holding that will remain fully state-owned.

Unions had threatened to vote against the restructuring at the board meeting, because of job security concerns and fears a higher stake could eventually be privatised.

However, on Wednesday night, Deutsche Bahn and unions Transnet and GDBA signed a new wage agreement that fulfilled union's conditions for approving the restructuring.

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