French bank SocGen says ALD unit completes 1.2 bln euro capital increase (updated)

Ayvens SA

16/12/2022 08:00

(Adds background on deal)
       PARIS, Dec 16 (Reuters) - French bank Societe Generale
 SOGN.PA  said on Friday that its car leasing unit ALD  ALDA.PA 
had successfully completed a 1.2-billion euro  ($1.3 billion)
capital increase launched to finance its purchase of Dutch rival
LeasePlan.
    It said that Societe Generale had subscribed for
approximately 803 million euros in the rights issue.
    The bank added that, upon closing of the acquisition, it
would ultimately own 52.6% of the new group's share capital.
    ALD launched the capital increase on Nov. 29 to help fund
the 4.9 billion euro deal with LeasePlan announced in January.
    European Union antitrust regulators cleared the deal last
month, on condition that ALD and LeasePlan sell off leasing
businesses in some markets.
        ALD's chief executive told Reuters earlier this month
the deal should close in the first quarter once the EU approves
the sales agreements for those units. The deal will give ALD a
fleet of 3.3 million vehicles leased to corporate fleets.
    Around 30% of the vehicles in both companies' fleets are
electrified - either full electric vehicles (EVs) or plug-in
hybrids - and buying LeasePlan gives ALD more scale as the
leasing market goes electric.
    ($1 = 0.9387 euros)
 (Reporting by Silvia Aloisi;
Editing by Sudip Kar-Gupta)
 ((silvia.aloisi@thomsonreuters.com; +393487607044; Reuters
Messaging: silvia.aloisi.thomsonreuters.com@reuters.net))