Volkswagen Truck & Bus says no decision taken on listing

[June 21, 2018]  FRANKFURT (Reuters) - Volkswagen's <VOWG_p.DE> Truck & Bus division said no decision had been taken about the timing and volume of a potential initial public offering (IPO), denying a report by Manager Magazin.

 Volkswagen Truck & Bus GmbH CEO Andreas Renschler attends a joint news conference with Hino Motors President Yoshio Shimo (not pictured) in Tokyo, Japan April 12, 2018. REUTERS/Toru Hanai

In an article published on its website, Manager Magazin said the business was planning a listing of a stake of around 25 percent in summer 2019 that could raise more than 6 billion euros ($6.9 bln), citing Truck & Bus chief Andreas Renschler.

A spokeswoman for VW Truck & Bus denied the report.

"No decision has been taken. This is something for the supervisory board of Volkswagen to decide. Our immediate goal is to reach capital markets readiness," the spokeswoman said.

Volkswagen has said it was considering a listing or partial listing of the trucks division, but that this would not happen in 2018.

The Wolfsburg-based company plans to build a global trucks business by integrating its MAN and Scania divisions and building a stake in U.S. truck maker Navistar <NAV.N> to challenge rivals Daimler <DAIGn.DE> and Volvo <VOLVb.ST>.

A flotation would allow Volkswagen Truck & Bus to build a war chest to buy out Navistar, a U.S. truck maker in which it already owns 16.85 percent.

Regulatory filings by the U.S. truck maker from April showed that Volkswagen could take full control of the company going forward. (https://bit.ly/2H95QNY)

(Reporting by Edward Taylor; Editing by Douglas Busvine)

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