Germany's Deutsche Bahn shelves plan to sell UK unit shares

BERLIN (AP) " German railway operator Deutsche Bahn is shelving plans to sell shares in its British unit Arriva on the London Stock Exchange following Britain's vote to leave the European Union.

State-owned Deutsche Bahn had planned to float up to 45 percent of Arriva, as well as part of its logistics unit Schenker. But chief executive Ruediger Grube told news agency dpa in comments published Friday he will tell directors next month that he can't currently recommend going ahead.

Grube said that "unfortunately, the world has changed fundamentally as a result of Brexit," pointing to the British pound's decline following the June 23 referendum vote.

He added that, if the share sale went ahead, "we would be throwing money out of the window, and acting that way would be foolish."

This story has been automatically published from the Associated Press wire which uses US spellings

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