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BREAKING NEWS

BREAKING NEWS

Volkswagen seeks dual listing for minority stake in Traton trucks unit

Volkswagen seeks dual listing for minority stake in Traton trucks unit
FILE PHOTO: A Volkswagen logo is seen on a new car model at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Denis Balibouse -
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DENIS BALIBOUSE(Reuters)
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FRANKFURT (Reuters) – Volkswagen said on Monday it would seek a dual listing of a minority stake in its Traton trucks unit on the Frankfurt and Nasdaq Stockholm exchanges, with an initial public offering (IPO) planned for completion before the summer break.

The carmaker last month revived the plans to list Traton, as part of a broader overhaul of the 12-brand car and trucks manufacturer.

The IPO is anticipated to consist of existing shares held by Volkswagen, with no plans to raise additional equity capital for Traton, the carmaker said.

Volkswagen (VW) has appointed Citigroup, Deutsche Bank, Goldman Sachs and J.P. Morgan as joint global coordinators for the listing, while BofA Merrill Lynch, Barclays, BNP Paribas, SEB and Unicredit are joint bookrunners.

Commerzbank, HSBC, Landesbank Baden-Württemberg and Société Générale have been appointed as co-lead managers, it added.

Last month, sources told Reuters that VW would begin official preparations for a stock market listing for Traton in the first week of June.

(Reporting by Edward Taylor; Editing by Mark Potter)

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