FRANKFURT (Reuters) -Volkswagen said on Wednesday it sold a 2.2% stake in Traton for 360 million euros ($393 million) or 32.75 euros per share for better trading in shares of the commercial-vehicles subsidiary. Volkswagen late on Tuesday said the transaction would enhance the free float and trading liquidity of Traton shares and that Volkswagen would […]
Business
Volkswagen sells 360-million-euro Traton stake for 32.75 euros per share
Audio By Carbonatix
FRANKFURT (Reuters) -Volkswagen said on Wednesday it sold a 2.2% stake in Traton for 360 million euros ($393 million) or 32.75 euros per share for better trading in shares of the commercial-vehicles subsidiary.
Volkswagen late on Tuesday said the transaction would enhance the free float and trading liquidity of Traton shares and that Volkswagen would remain a “committed and responsible shareholder”.
VW sold the Traton stake to institutional investors via a private placement, reducing Volkswagen’s direct holding in the truckmaker and owner of the Scania, MAN and Navistar brands to 87.5%.
Traton shares closed at 35.60 euros on Tuesday, for a gain of more than 27% year-to-date.
($1 = 0.9152 euros)
(Reporting by Ludwig Burger, editing by Thomas Seythal)