Brexit vote has derailed Arriva stock market flotation plans, says Deutsche Bahn

German railways giant Deutsche Bahn's plans for a stock market flotation of Arriva have been derailed by Britain's vote to leave the European Union, the company's boss has said.

State-owned 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 inform directors in December that he cannot recommend the initial public offering (IPO).

Mr Grube said that "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 is Deutsche Bahn's international arm and operates a number of Britain's train and bus services.