On July 1, 2017, VTG Aktiengesellschaft ("VTG AG") announced plans to acquire all shares in CIT Rail Holdings (Europe) SAS. CIT Rail Holdings (Europe) SAS owns the Nacco Group, a railcar leasing company with pan-European activities and a fleet of around 14,000 freight cars. The conditional approval granted by Germany's Federal Cartel Office aligns with VTG's offer to sell about 30 percent of the Nacco business it will acquire to third parties in advance of the deal. The Executive Board of VTG AG now expects its acquisition of the remaining roughly 70 percent (around 10,000 freight cars) to be completed in the second half of 2018.