VW to close deal with Abu Dhabi

Williams, Stephen
August 2004
Middle East;Aug/Sep2004, Issue 348, p34
A $2bn-plus deal that will see Gulf interests take a substantial stake in Europe's largest car manufacturer is close to completion. Abu Dhabi's state-owned company Mubadala Development looks certain to formally sign a deal to take an undisclosed but significant stake in Europe's largest car-maker, Volkswagen AG (VW). This new joint venture company will then buy Europe's largest car-fleet management company, LeasePlan, from Dutch bank ABN in a deal worth over $2.4bn. And it is not just VW's core volume-car business that has been suffering. The upmarket VW Phaeton saloon has also failed to meet sales expectations, and the launch of the Veyron supercar — a 1,000bhp 250mph vehicle from VW's luxury sportscar subsidiary Bugatti — has been delayed by well over a year.


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