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Traton Shares Stall on Opening Day of Trading
Shares in Volkswagen Group’s Traton commercial truck unit debuted on the Frankfurt exchange at their placement price of €27 ($30.71) today, closing at €26.49.
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Shares in Volkswagen Group’s Traton commercial truck unit debuted on the Frankfurt exchange at their placement price of €27 ($30.71) today, closing at €26.49.
VW ended up floating about 11% of the wholly owned subsidiary. Last year the carmaker said it hoped to offer 25% of Traton at as much as €33 per share. But a jittery market prompted VW to postpone the initial public offering for three months, then narrow the offering and lowering the share price.
VW renamed its Truck & Bus business Traton last August. The unit comprises VW’s MAN, Scania and Brazil-based VW Caminhoes e Onibus truck operations, plus logistics service RIO.
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