Volkswagen more likely to spin off truck operations after chairman's resignation
Volkswagen, the German auto giant, may be closer to spinning off and listing its truck operations, Dagens Industri reported, without citing any specific sources. This is after the weekend's news that VW's Chairman Ferdinand Piech has resigned.
The Swedish business daily reported that Piech played a significant role in VW's investments in Swedish truck manufacturer Scania and German MAN and that many VW shareholders would have preferred to use the funds for strengthening VW's market share within cars instead.
The paper wrote that Riech's resignation puts VW's ownership of the truck operations into focus and speculated that a separate listing of the trucking unit seems likely. The paper noted that listing the trucking unit would allow VW CEO Martin Winterkorn to concentrate on the company's automobile operations and could financially facilitate VW Trucks' expansion in the North American market.
The original article appeared in print; Page 6
Source Dagens Industri