September 17, 2018 / 12:31 PM / in a month

Volkswagen truck unit to be ready for IPO by year-end

FRANKFURT, Sept 17 (Reuters) - Volkswagen’s truck unit Traton should by year-end be in shape for a potential stock market listing, Europe’s largest carmaker said on Monday.

Traton’s legal structure will be converted to a Societas Europaea (SE) and investment banks and legal advisors for a possible initial public offering will be mandated shortly, it added.

Volkswagen is targeting proceeds of more than 6 billion euros ($7 billion) with a potential listing of its truck and bus subsidiary, the division’s chief executive had said earlier this year. ($1 = 0.8568 euros) (Reporting by Arno Schuetze Editing by Michelle Martin)

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