Volkswagen plans dual listing for TRATON SE
Volkswagen AG and TRATON SE announce that they are preparing an initial public offering of TRATON and a listing of TRATON shares on the Regulated Market of the Frankfurt Stock exchange and the Regulated Market of Nasdaq Stockholm. The IPO is expected to be completed before the summer break 2019, subject to market conditions. "Given TRATON's strong balance sheet, the IPO is anticipated to consist of existing shares held by Volkswagen only. Volkswagen, which intends to remain a committed shareholder of TRATON, will retain a majority stake in TRATON following the completion of the IPO," the company stated. The TRATON GROUP's operations are divided into two reportable segments, the Industrial Business segment and Financial Services segment. The Industrial Business, which constitutes the core of the Group's business and accounted for 95% of the Group's sales revenue in the fiscal year 2018, comprises the three operating units MAN Truck & Bus, Scania Vehicles & Services, and VWCO, while Financial Services offers its customers a range of financial services, including dealer and retail financing, leasing, banking and insurance products. The IPO is expected to comprise a public offering in Germany and Sweden and private placements in certain other jurisdictions. In the United States of America, the shares of TRATON are planned to be offered and sold only to Qualified Institutional Buyers as defined in and in reliance on Rule 144A under the United States Securities Act of 1933, as amended.