Grenke Shares Jump After It Says KPMG Confirms Cash Balances

Grenke AG shares surged after the German leasing company said its auditor has proof for almost all of its cash balances, easing investor concerns amid allegations of fraud.

KPMG LLP received written confirmations from banks, including Germany’s Bundesbank, for more than 98% of its cash, Grenke said Monday in a statement. The auditor asked for balances as of June 30 and Sept. 15 and evaluated the statements over the past several days, the company said.

The confirmed balances are equivalent to about 1 billion euros ($1.2 billion). Statements covering the rest of the cash holdings are expected to be ...