Volkswagen, investors buy ABN Amro's LeasePlan unit for two bln euros

0 Comments | AFP, April, 2004

FRANKFURT (AFP) — German car giant Volkswagen said that it and two investors, the private Greek firm Olayan and the publicly owned Abu Dhabi-based company Mubadala Development Company, are to acquire LeasePlan, a unit of Dutch bank ABN Amro, for two billion euros (2.4 billion dollars).

Following the completion of the transaction, VW would hold 50 percent in LeasePlan, a car leasing company with a fleet of around 1.2 million cars.

The other two investors would hold 25 percent apiece.

The transaction still needed to be approved by the European competition authorities and the Dutch central bank, VW said in a statement.

VW said it would examine the possibility of financing its part of the deal by using its own shares.

VW's 50-percent stake in...