Deals
Volkswagen’s Truck Unit Opens Flat in Frankfurt Trading Debut
- Traton shares priced at 27 euros apiece, raising $1.8 billion
- Listing is CEO Diess’s biggest step to streamline auto empire
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Volkswagen AG’s trucks unit fell on its first day of trading as investors took a cautious stance on its global expansion plan, which includes boosting its U.S. footprint and going head-to-head with market leaders Daimler AG and Volvo Group.
Traton SE declined as much as 2.4% to 26.36 euros after its initial public offering priced at 27 euros, the bottom of the range. Volkswagen raised 1.55 billion euros ($1.8 billion) from listing a stake of about 11.5% in a transaction that values the German auto giant’s truck unit at 13.5 billion euros.