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Two companies eying take-over of LeasePlan Australia

Melbourne company SG Fleet is reportedly going head-to-head with Sydney’s Eclipx Group in the race to take over vehicle leasing and fleet management provider, LeasePlan Australia.

According to the Australian Financial Review (AFR), the two listed companies are “deep in due diligence” and preparing to place a bid next onth.

“Both companies recently met with LeasePlan management as part of the diligence process and are seeking to shore-up funding packages to make the potential $500 million-plus acquisition as attractive as possible for their respective shareholders,” the AFR reported.

LeasePlan Australia – which is said to have a 16 per cent share of the $2.4 billion Australian vehicle leasing market – is reportedly falling victim to a “portfolio clean up” of Dutch parent company, LeasePlan Corporation.

UPDATE: CRTNews has been informed that LeasePlan's Dutch parent has cancelled plans to sell its Australian and New Zealand business following completion of a strategic review by investment bankGoldman Sachs.

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