October 11, 2018 / 10:01 AM / 5 days ago

UPDATE 1-Leaseplan calls off Euronext float citing market conditions

(Adds company’s reaction and background)

AMSTERDAM, Oct 11 (Reuters) - Dutch car leasing company Leaseplan on Thursday shelved its plan to float shares on the Amsterdam stock exchange, blaming a global sell-off in equity markets.

“Market conditions have deteriorated significantly since our announcement last week,” spokeswoman Samantha Chiene said, indicating that market developments late on Wednesday and early on Thursday had led Leaseplan to drop its plans.

The spokeswoman declined to comment on any possible future steps towards an IPO.

Leaseplan, one of Europe’s largest car leasing companies with a fleet of 1.8 million vehicles, on Oct. 4 said it would put secondary shares on offer, without giving further details.

Since then, a global sell off in stock markets has shaved off 6 percent of the blue chip AEX index in Amsterdam, with the sharpest drop occurring over the last two days.

The Amsterdam-based company, valued at roughly 6 billion euros ($6.9 billion), was sold by Volkswagen in 2015 to a group of investors led by TDR Capital and Dutch pension fund PGGM.

It first signaled its plans for an IPO in August 2017, and people familiar with the matter at the time estimated the company’s owners could raise around 1 billion euros. ($1 = 0.8662 euros) (Reporting by Bart Meijer editing by Jason Neely/Keith Weir)

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