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Report: VW Ponders Advisors for Commercial Truck IPO
Volkswagen AG reportedly is poised to hire several banks to help its launch an initial public offering for its Traton commercial truck and bus unit.
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Volkswagen AG reportedly is poised to hire several banks to help its launch an initial public offering for its Traton commercial truck and bus unit.
Sources tell Bloomberg News that VW is likely to choose Deutsche Bank, Goldman Sachs and JPMorgan Chase as advisors. Bloomberg estimates Traton’s value at about €28.5 billion ($32.8 billion). The unit consists of Scania, MAN and VW’s own commercial truck operations.
VW is expected to launch the IPO in 2019, retaining a majority stake. Sources tell Bloomberg that the timing of the offering will be determined by market conditions.
Proceeds from the IPO would be used primarily to help Traton compete with rival Daimler AG, primarily through market expansion outside Europe.
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