Volkswagen’s transaction was executed via a private placement in an accelerated bookbuild offering. Credit: Yau Ming Low/Shutterstock.

Volkswagen Group has divested a 2.2% stake in its truck unit Traton Group for €360m.

The sale effectively reduces Volkswagen’s direct interest in the truck and bus manufacturer from 89.7% to 87.5%.

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Priced at €32.75 each, the shares represent a 2.2% stake in heavy duty truck manufacturing company Traton and were sold through Volkswagen International Luxemburg, a subsidiary of the automotive giant.

The transaction was executed via a private placement in an accelerated bookbuild offering aimed at institutional investors.

Volkswagen Group CFO and COO Arno Antlitz said: “With the successful placement of shares in Traton we set a positive signal for all Traton shareholders and underpin the capital markets orientation of Volkswagen Group.

“The increase in free float supports the trading liquidity of the share. We are very pleased with Traton’s operating performance. The FY2024 results confirmed Traton’s potential once again. Volkswagen Group will continue to support Traton as committed and responsible shareholder.”

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The sale agreement includes a 90-day lock-up period for Volkswagen Group and the Seller, with certain exceptions allowed or waivers provided by the Joint Global Coordinators.

BofA Securities, Citigroup, and J.P. Morgan served as the joint global coordinators and joint bookrunners for the transaction, with BNP Paribas and Société Générale acting as additional joint bookrunners.

Volkswagen has been contemplating the reduction of its stake in Traton, which includes Scania AB, MAN Truck & Bus, International Motors, and Volkswagen Truck & Bus, reported Bloomberg.

Previously, the company had explored the possibility of selling up to €1bn in stock after a rise in Traton’s share price.

Volkswagen CEO Oliver Blume was cited by the publication as saying that the company intends  to maintain a controlling interest in Traton, aiming to keep at least 75% plus one share.

This share sale aligns with the trend of companies divesting stakes in previously spun-off units to capitalise on the strong share prices in Europe.

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