INTERNATIONAL - Volkswagen intends to change the legal structure of its trucks business this month as a first step towards an initial public offering (IPO) of the division, German paper Handelsblatt reported.
Changing Volkswagen Truck & Bus, with brands MAN and Scania, to a public limited company would be a first step to making the unit ready for capital markets, Handelsblatt reported.
The next stage would be to engage investment banks. “Shares could be traded for the first time in the early part of the coming year,” the paper quoted an unnamed manager as saying. VW intends to retain a majority stake in the division for now, and the IPO could bring the group proceeds of more than 10billion (R146.5bn).