Germany’s VW AG, the largest automaker in Europe and the second biggest in the world, might be mulling a total restructuring process of its heavy trucks unit in order to list it separately from the main group, according to a report coming from German monthly Manager Magazin.
The report cited internal sources from within the company, albeit with the usual anonymity mark as the executives are not allowed to discuss with the media a yet to be announced move. Besides the spin off that would bring a separate listing, the truck business might also get another headquarter location – in Frankfurt – to further establish its independence. Manager Magazin further hinted that the new trucks holding company would be devised with the possibility of an easy stock exchange listing option if the parent company decided it needed to raise cash quickly.
The VW-branded light commercial-vehicle unit has been on an integration quest for years together with Swedish truck maker Scania and German MAN SE as the group sought higher synergies from the different trucks businesses, with the latest move last year being the hiring of ex-Daimler manager Andreas Renschler. According to Manager Magazin, Renschler, scheduled to start his new job on February 1, already wants to have 50 employees in Frankfurt to run the truck divisions. VW has been questing a deeper integration of its heavy trucks business for years, after it managed to achieve incredible synergies for its passenger car units – which include the namesake brand, Bentley, Bugatti, Audi, Skoda, Seat and Lamborghini.