Volkswagen with new partner for joint venture
Dubai, May 25, 2009
The Volkswagen Group has reached agreement with a new long-term oriented partner for its Dutch shareholding LeasePlan Corporation in the shape of Fleet Investments, an investment company of the German banker Friedrich von Metzler.
Both co-investors who hold 50 percent of the LeasePlan shares decided at the end of 2008 to dispose of their shareholdings. These co-investors are the privately owned Olayan Group of Saudi Arabia and Mubadala Development Company owned by the Emirate of Abu Dhabi.
Metzler is expected to purchase this package in fall 2009 once the transaction has been approved by the anti-trust authorities.
LeasePlan is active on the global growth market of multibrand fleet management and will continue to position itself as a brand-independent service provider. LeasePlan holds a leading position on established markets and is strongly placed on growth markets. Multibrand fleet management remains of high strategic importance for the Group.
The 50 percent stake in the joint venture is held by the Volkswagen Bank. LeasePlan was acquired by a consortium led by Volkswagen in 2004. – TradeArabia News Service