July 17, 2017 / 10:36 AM / 3 months ago

Volkswagen considers options for transmissions maker Renk - sources

FRANKFURT, July 17 (Reuters) - Volkswagen is considering options for transmissions maker Renk as Europe’s largest carmaker streamlines operations to help fund a strategic overhaul following its emissions scandal, people close to the matter said.

The company is working with Citi on deciding on the future of the asset, which may result in a sale of the maker of transmissions and bearings which are used from ships to wind turbines, they said.

If a formal decision to sell the company is taken an auction could be kicked off as early as autumn and the firm could be valued at 600-800 million euros ($687-$916 million) in a potential deal, they added.

Volkswagen and Citi declined to comment. ($1 = 0.8734 euros) (Reporting by Arno Schuetze and Edward Taylor; Additional reporting by Jan Schwartz)

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