VW Reportedly Near Deal to Sell LeasePlan Stake

Volkswagen AG is near a deal to sell its 50% ownership of LeasePlan Corp. NV, a Dutch auto finance company, Reuters reports.

Germany's Metzler bank, which owns the other half of LeasePlan, also would sell its stake, according to the news service, which says the business is worth about €3 billion. A sale would help VW consolidate its financial activities around its own VW Leasing and Volkswagen Financial Services units.

VW hired investment bank Rothschild to find a buyer for LeasePlan. Reuters says the front-running bid is from a consortium that includes the Abu Dhabi Investment Authority, Singapore's Government Investment Corp. and London-based private equity company TDR Capital LLP.