The delicate truce held through its seventh day after a 24-hour extension despite a shooting claimed by Hamas that killed three people in Jerusalem
At a reception held here yesterday to celebrate the finalisation of the acquisition, General Shaikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Chairman of Mubadala Development, signed the MoU. it was also signed by Dr Ferdinand Piech, Chairman of the Supervisory Board of Germany’s Volkswagen Group and Khaled Olayan, the chairman of Saudi Arabia’s Olayan Group.
Mubadala and Volkswagen also signed a 475 million euro loan agreement with a group of four local and international banks. National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, Barclays Bank and Citibank will jointly underwrite and lead arrange the loan facility to fund Mubadala’s acquisition of its stake in Leaseplan. Mubadala and Olayan group own 25 per cent each in Leaseplan and Volkswagen owns the remaining 50 per cent. The three owners paid a total amount of euro 2 billion for this acquisition.
Iin the MoU, the three sides said that they intend to develop a long term and beneficial partnership and to further grow their currently successful business relationship in the Leaseplan joint venture.
Leaseplan is the leading multi-brand fleet management services provider in Europe and one of the leading players worldwide.
It has total assets of eur 10.8 billion and 1.2 million vehicles under management in 26 countries. The company made a net profit of euro 193 million in 2003 and has over 7,000 employees.
Mubadala’s purchase of a stake in Leaseplan was made under the directives of the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan.
The acquisition was hailed by observers as a laudable move to bring in the best technology and expertise in financial services and fleet management, and to contribute to the country’s ongoing economic development.Established in October 2002, Mubadala is a wholly owned investment vehicle of the Abu Dhabi government. It has the mandate to establish new companies, acquire stakes in existing companies in the UAE or abroad and focus on generating sustainable economic benefits for the emirate of Abu Dhabi through partnerships with local, regional and international investors.
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