BERLIN - Volkswagen said on Wednesday it would halt preparations for an initial public offering of its trucks unit Traton until market conditions improve, stalling what was expected to be Germany’s biggest share offering this year.
Volkswagen’s management board still believes in the rationale of a stock market listing when market conditions improve, Witter said. On Tuesday, Volkswagen’s Chief Financial Officer Frank Witter said the board unanimously backed the idea of listing Traton but warned markets remained volatile. On Monday he had said an IPO of Traton would not come at any price.
Traton includes the MAN, Scania and Volkswagen trucks businesses. Volkswagen had aimed to list it as part of its drive to create a global trucks business.
Last time Volkswagen marketed a truck it was a fail. Don’t see any on the road these days.
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