Volkswagen aims to raise up to 1.9 billion euros ($2.1 billion) by listing truck...
FRANKFURT - Volkswagen aims to raise up to 1.9 billion euros by listing truck unit Traton, it said on Friday, scaling back earlier ambitions to list up to a quarter of the unit by opting to float a 10% stake.
Wolfsburg-based VW plans to invest proceeds in transforming its auto production as it readies the launch of dozens of electric vehicles over the coming years and deepens an alliance with Ford Motor Co. Management denies that a Navistar deal is in immediate prospect, but such a move would fit with a broader pivot by the leading European carmaker towards the United States to balance its reliance on China, where it sells half its cars.
Jefferies, in a note, said that Traton’s enterprise value as a multiple of core earnings - a measure of a company’s ability to support its equity and debt costs - of 8.2 times was slightly lower than the sector average but higher than Volvo’s, which it sees as offering better value.
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