By Mark Kleinman, City Editor
A consortium of state-backed, pension and private equity funds is in talks to snap up the world's biggest vehicle-leasing business from Volkswagen in a deal worth an estimated £2bn.
Sky News has learnt that the funds have been in talks with VW about a takeover of the Netherlands-based LeasePlan for several weeks.
The consortium is being led by PGGM, a Dutch public sector pension fund.
Insiders said on Wednesday that it also includes the Abu Dhabi Investment Authority (ADIA), the Government Investment Corporation of Singapore (GIC), and TDR Capital, a London-based buyout firm whose investments include the fitness clubs chain David Lloyd Leisure.
The leasing company issued a statement late on Tuesday to say that its shareholders were exploring a sale following an enquiry from Sky News, although it did not publicly name the bidders.
"LeasePlan Corporation, the world's leading fleet management and driver mobility company, today announces that its 100% shareholder Global Mobility Holding has entered into discussions regarding the potential divestment of LeasePlan Corporation," the statement said.
"LeasePlan emphasises that the discussions are still in progress and may or may not result in an agreement."
The group went on to say that as a financial institution with a Dutch banking licence "any transaction and any change of ownership... will be subject to regulatory and competition authorities' approval".
VW, which invested in LeasePlan in 2004 at a €2bn (£1.4bn) valuation, acquired the company from ABN Amro, the Dutch bank which was later partially swallowed by Royal Bank of Scotland in a deal that heralded the near-collapse of the UK lender.
As part of that deal, half of LeasePlan's shares were bought by Olayan Group in Saudi Arabia and Mubadala Development Company, another entity held by the state of Abu Dhabi.
Those investors subsequently sold out to Friedrich von Metzler, a German private banker.
Sources said the current talks were at an advanced stage but cautioned that the deal could still fall apart.
LeasePlan describes itself as a Dutch financial services company which has become "the world-leading provider of fleet management services".
Operating in 32 countries, including the UK, it manages more than 1.4m vehicles under a variety of brands, and employs 6,800 people.
The precise value of a deal was unclear although one insider said €3.5bn was "in the right ballpark".
VW, the world's second-largest car-maker, will report its financial results on Thursday, which will disclose the impact of currency volatility on its business.
The parties in the consortium either declined to comment or could not be reached.
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