PARIS, March 3 ALD Automotive, the car leasing
unit of France's Societe Generale, reported a 21
percent rise in 2016 net profit ahead of its planned initial
public offering that could value the company at more than 6
SocGen plans to sell a stake in ALD towards the middle of
this year, while retaining a majority holding in the leasing arm
which has 1.4 million vehicles.
Two financial market sources said ALD could be valued at
more than 6 billion euros. One of them said SocGen was willing
to sell a 20-30 percent stake.
In what could be a reference transaction, Volkswagen and
Fleet Investments B.V. sold fleet management company LeasePlan
Corporation N.V. to a consortium of investors at 3.7 billion
euros in 2016, or 9 times its 2015 underlying net profit.
ALD made a net atributable profit of 511.7 million euros in
The bank has said that its objective was to provide ALD with
the means to achieve its growth targets so that it becomes a
global leader in mobility solutions.
(Reporting by Maya Nikolaeva, Editing by Dominique Vidalon)