German banker buys Leaseplan stake
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.