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Volkswagen Pulls Truck Unit IPO in Setback to CEO's Revamp

  • Carmaker cites poor market environment in decision to delay
  • Management still targets listing once markets improve
A Traton International LT A26 haulage truck.
A Traton International LT A26 haulage truck.Photographer: Krisztian Bocsi/Bloomberg
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Volkswagen AG canceled plans to sell a share of its Traton SE division due to weak market conditions, dealing a setback to the automaker’s plan to generate fresh funds for the heavy-truck unit’s expansion outside Europe.

“We regret that we have to refrain from a stock listing of Traton SE,” Chief Financial Officer Frank Witter said Wednesday. “The management board continues to aim for a stock listing in a better market environment.”