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Volkswagen to list its heavy truck division -Report

Auto News - Published on Tue, 18 Sep 2018

Image Source: reutersmedia.net
Bloomberg reported that Volkswagen AG’s board is working toward a decision to list its heavy-truck division, a move that would generate fresh funds for its bid to challenge global leaders Daimler AG and Volvo AB, according to people familiar with the matter. People familiar said that VW’s supervisory board plans to discuss the matter this week and the truck unit will host a capital markets day later in the week at the sidelines of the commercial-vehicle show in Hanover, Germany. People said that VW intends to list the truck unit’s shares next year, but the exact timing will depend on market conditions.

While Volkswagen hasn’t formally mandated banks yet, Goldman Sachs Group Inc and Bank of America Corp are in a good position to become global coordinators for Traton’s listing. Volkswagen may also hire a third lead bank on the transaction, another person said.

The trucks business has a value of about EUR 28.5 billion (USD 33.3 billion), according to Bloomberg Intelligence analyst Michael Dean. It generated revenue of about EUR 24 billion last year, with Europe accounting for 73% of sales.

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Posted By : Nanda Koijam on Tue, 18 Sep 2018
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