Volkswagen plans dual listing for Traton in Germany and Sweden


Volkswagen and Traton are preparing an initial public offering (IPO) of Traton and a listing of Traton shares on the Regulated Market of the Frankfurt Stock exchange (Prime Standard) and the Regulated Market of Nasdaq Stockholm (Large Cap Segment). The IPO is expected to be completed before the summer break 2019, subject to market conditions.

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.

Frank Witter, CFO of Volkswagen, said: “Traton is a prime example of how we want to create that value – by focusing on the core of our business and what is best for our stakeholders. It was the right decision to strengthen the independence of our commercial vehicles business. We are delivering step by step on our promise to prepare the Volkswagen Group for the future.”

Andreas Renschler, CEO of Traton and member of the Board of Management of Volkswagen, said: “The IPO is an important milestone for Traton. It further underlines that we have grown together into one Group with leading brands in little more than just three years’ time. We have focused on delivering sustainable and profitable growth right from the start. We were able to leverage initial synergies and set the right course to exploit our full synergy potential in the years to come. The IPO will lay the foundation for Traton’s further growth by providing us with enhanced entrepreneurial flexibility and access to capital markets. We have one very clear goal for Traton: creating a Global Champion in the transportation industry.”

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 (the “Securities Act”). Outside the United States, the shares of TRATON SE are planned to be offered and sold only in offshore transactions in reliance on Regulation S under the Securities Act.

Citigroup, Deutsche Bank, Goldman Sachs International and J.P. Morgan are acting as Joint Global Coordinators in connection with the planned transaction. BofA Merrill Lynch, Barclays, BNP PARIBAS, SEB as well as UniCredit Bank AG are Joint Bookrunners and COMMERZBANK, HSBC, Landesbank Baden-Württemberg and Société Générale have been appointed as Co-Lead Managers.

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