Sale of stake in Sunderland transport giant Arriva on hold after Brexit vote

State-owned German Railways giant Deutsche Bahn had planned to float up to 45% of Arriva on the London Stock Exchange, as well as part of its logistics unit Schenker.

But chief executive Ruediger Grube told news agency DPA that he will tell directors next month that he cannot recommend the initial public offering.

Mr Grube said “unfortunately, the world has changed fundamentally as a result of Brexit”, pointing to the pound’s collapse 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”.

Arriva operates train and bus services across Europe.