German car rental group Sixt to float leasing unit (updated)
14/04/2015 10:00
* New shares worth at least 100 mln eur to be offered
* IPO to value Sixt Leasing at up to 400 mln eur - source
* Listing to take place by mid-May - source
(Adds timing and valuation of IPO, Sixt share price)
FRANKFURT, April 14 (Reuters) - German car rental group Sixt
SIXG.DE announced plans on Tuesday to float its leasing unit
on the Frankfurt stock exchange this year as it seeks to free up
capital for its core business.
A person familiar with the plans said the listing, scheduled
to take place by mid May, would likely value Sixt Leasing AG
IPO-SLE.F at up to 400 million euros ($421.8 million).
In a similar move, automaker Volkswagen VOWG_p.DE is
currently in talks with a group of investors to sell its Dutch
car leasing unit LeasePlan LEASP.UL .
ID:nL6N0WX0HL ID:nL5N0WE4IX
As part of the Sixt Leasing initial public offering, new
shares worth at least 100 million euros will be created from a
capital increase, in addition to a capital injection by parent
Sixt SE of at least 30 million euros prior to the IPO.
Sixt also plans to sell existing shares in the unit as part
of the transaction, reducing its stake to below 50 percent but
retaining at least 40 percent - a shareholding its intends to
keep in the long term.
Shares in Sixt, which had said in February it was mulling an
IPO of the business, hit a record high of 47.15 euros on the
news and were up 2.6 percent at 46.89 euros by 0847 GMT.
ID:nWNAB063F1
Berenberg and Commerzbank are acting as joint global
coordinators and together with Baader Bank as joint bookrunners.
($1 = 0.9484 euros)
(Reporting by Arno Schuetze, Alexander Hübner and Ludwig
Burger; Editing by Mark Potter and Maria Sheahan)
((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters
Messaging: arno.schuetze.reuters.com@reuters.net))
Keywords: SIXT IPO/LEASING