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Volkswagen truck unit to be ready for IPO by year-end

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Volkswagen truck unit to be ready for IPO by year-end
FILE PHOTO: A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters in Wolfsburg, Germany May 19, 2017. REUTERS/Fabian Bimmer/File Photo   -   Copyright  Fabian Bimmer(Reuters)
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FRANKFURT (Reuters) – Volkswagen’s <VOWG.DE> truck unit Traton should by year-end be in shape for a potential stock market listing, Europe’s largest carmaker said on Monday.

Traton’s legal structure will be converted to a Societas Europaea (SE) and investment banks and legal advisors for a possible initial public offering will be mandated shortly, it added.

Volkswagen is targeting proceeds of more than 6 billion euros (5.33 billion pounds) with a potential listing of its truck and bus subsidiary, the division’s chief executive had said earlier this year.

(Reporting by Arno Schuetze; Editing by Michelle Martin)

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