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)