Leading European Rail Company in €200 Million IPO

August 15, 2007

Cleary Gottlieb represented the underwriters in VTG AG’s €200 million IPO. Goldman, Sachs & Co. oHG and UBS Limited acted as joint global coordinators and bookrunners. UniCredit Markets & Investment Banking was co-lead manager and M.M.Warburg & CO was co-manager. The IPO included a public offering in Germany and an international private placement with institutional investors, including under Rule 144A in the United States. The shares began trading on Frankfurt Stock Exchange, rated prime standard, on June 28.

VTG is a leading European rail logistics company.