INTERNATIONAL - Volkswagen said on Friday that it aims to raise up to 1.9 billion euros ($2.1 billion) by floating a stake of at least 10 percent in its Traton trucks unit later this month, its second attempt to bring the business to market.
The stake size is at the bottom end of a range of 10 percent-20 percent that sources had earlier indicated.
The German carmaker said in a statement that the offering would be priced at 27-33 euros per share and create a free float of 10-11.5 percent, depending on whether banks running the initial public offering exercise an over-allotment option.
VW seeks to capitalize on the premium that truck stocks command over autos, and create an acquisition currency.
It plans to invest the proceeds in transforming its auto business, as it readies the launch of dozens of electric vehicles. It has shown interest, meanwhile, in US-based truck maker Navistar.