Home / Market News / Founder Wolfgang Grenke offers to buy back franchise holdings of Grenke

Founder Wolfgang Grenke offers to buy back franchise holdings of Grenke

Founder Wolfgang Grenke will “suspend his supervisory board mandate” at German leasing company Grenke and has offered to acquire the shareholdings in the franchise companies held by CTP. The offer comes after a short-selling firm, Viceroy Research, alleged accounting irregularities at the group. An independent auditing company will be commissioned to examine the market conformity of the franchise acquisitions of the previous years and their advantageousness for Grenke, and the Grenke family pledged to keep its shareholding of 40.84% in the long-term, the company said. Last week, Grenke said KPMG would perform a special audit.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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