June 3, 2019 / 6:39 PM / 22 days ago

Volkswagen seeks dual listing for minority stake in Traton trucks unit

FILE PHOTO: Visitors stand at the booth of Volkswagen's truck unit Traton Group, former Volkswagen Truck & Bus AG, in Hanover, Germany September 19, 2018. REUTERS/Fabian Bimmer/File Photo

FRANKFURT (Reuters) - Volkswagen said on Monday it would seek a dual listing of a minority stake in its Traton trucks unit on the Frankfurt and Nasdaq Stockholm exchanges, with an initial public offering (IPO) planned for completion before the summer break.

The carmaker last month revived the plans to list Traton, as part of a broader overhaul of the 12-brand car and trucks manufacturer.

The IPO is anticipated to consist of existing shares held by Volkswagen, with no plans to raise additional equity capital for Traton, the carmaker said.

Volkswagen (VW) has appointed Citigroup, Deutsche Bank, Goldman Sachs and J.P. Morgan as joint global coordinators for the listing, while BofA Merrill Lynch, Barclays, BNP Paribas, SEB and Unicredit are joint bookrunners.

Commerzbank, HSBC, Landesbank Baden-Württemberg and Société Générale have been appointed as co-lead managers, it added.

Last month, sources told Reuters that VW would begin official preparations for a stock market listing for Traton in the first week of June.

Reporting by Edward Taylor; Editing by Mark Potter

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