Kühne Holding buys VTG stake
VTG: Kühne Holding has become the second largest shareholder in wagon leasing and logistics company VTG AG, with the acquisition of a stake of slightly more than 20% from funds managed by Wilbur Ross who has exited the business after more than 10 years. Ross had acquired VTG from TUI AG in 2005, and listed it on the stock market in 2007.
Switzerland-based Kühne Holding is owned by Klaus-Michael Kühne and has interests in international logistics and shipping companies, as well as property in Australia, Canada, Germany and Switzerland and stakes in luxury hotel projects.
‘We strongly believe in the sustainable and quality-based performance of the VTG business and are convinced that this substantial investment fits perfectly in the strategic frame of our portfolio’, said Karl Gernandt, Executive Chairman of Kühne Holding, on May 20.
VTG executive board Chairman Dr Heiko Fischer said he was ‘very pleased that we have gained a strong, experienced investor in the shape of Kühne Holding AG, whose long-term investment horizon matches our business model very well.’