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German banker buys Leaseplan stake

Date: 18 May 2009

A German banker has bought a 50% stake in leasing giant Leaseplan for 1.3bn euros.

Friedrich von Metzler, head of Frankfurt-based Metzler Bank, has bought the half share held by two middle-eastern groups through his investment company Fleet Investments.

The two groups, Mubadala from Abu Dhabi and Saudi Arabia's Olayan group, told VW group, which holds the other 50% share, they wanted to pull out of the agreement last year.

The deal is expected to complete in autumn 2009 once the competition authorities have approved it.