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FRANKFURT (Reuters) - Volkswagen (VOWG_p.DE) has held an initial meeting to discuss plans for the flotation of its trucks unit Traton, set to be Germany’s biggest of 2019, after hiring a quartet of banks to manage the potential 6 billion euro ($6.8 billion) IPO, people close to the matter said. Roughly 80 bankers, lawyers and representatives of Volkswagen and Traton came together last week for a kick-off meeting to discuss strategy in marketing shares of the maker of trucks under the MAN, Scania and VW brands to potential investors, the people added.
JP Morgan (JPM.N), Goldman Sachs (GS.N), Deutsche Bank (DBKGn.DE) and Citi (C.N) have been mandated as global coordinators of the listing, while law firms Freshfields and Linklaters are also helping to prepare the deal, they added, Volkswagen, the banks and lawyers declined to comment sterling silver gavel cufflinks or were not immediately available for comment, Europe’s leading carmaker wants Traton to be in shape by year-end for a potential stock market listing, which is expected to take place in the second quarter of 2019..
VW has plans to build a global trucks business by integrating its MAN and Scania divisions to challenge rivals Daimler (DAIGn.DE) and Volvo (VOLVb.ST). A flotation could also allow Volkswagen Truck & Bus to build a war chest to completely buy out Navistar (NAV.N), a U.S. truck maker in which it already owns a 16.85 percent stake. As precondition for the deal, Volkswagen on Thursday made corporate structure changes so two smaller units will not be part of the pure truck and bus company that will list.
VW’s legacy trucks unit MAN SE (MANG.DE) will sell a 76 percent stake in gear maker Renk (ZARG.F) and its wholly owned maker of large engines - MAN Energy Solutions - to sterling silver gavel cufflinks a subsidiary of VW, MAN SE said in a statement, An agreement between VW and MAN will expire at the end of the year so the Wolfsburg-based auto maker would profit from any revaluation if the deals close before then, Minority MAN SE shareholders will be offered a guaranteed dividend of 5.50 euros per share, VW has also offered to buy out minority MAN SE shareholders by March for 90.29 euros a share, which would cost VW about 3 billion euros if all shares are tendered..
While Traton Chief Executive Andreas Renschler has said he is targeting proceeds of up to 6 billion euros from selling about 25 percent of the company’s shares, Volkswagen may have to settle for a smaller number, people familiar with the IPO preparations said. Volkswagen does not want to sell out on the cheap and may opt for a smaller offer size, similar to Siemens (SIEGn.DE) which opted to downsize its Healthineers IPO earlier this year on investor response to its views on valuation, they added.
COPENHAGEN (Reuters) - Danske Bank (DANSKE.CO), which is embroiled in a major money laundering scandal, is now the least preferred of the five large banks in Denmark amongst wealthy private banking customers, a survey from sterling silver gavel cufflinks Swedish consultancy firm Prospera showed on Friday, The survey, which is based on 500 interviews with private banking customers, put Nykredit, Sydbank (SYDB.CO), Nordea (NDAFI.HE) and Jyske Bank (JYSK.CO) in front of Danske, which came second place last year and first place in 2016..
SAN FRANCISCO (Reuters) - So-called FANG stocks and other tech shares sank in extended trade on Thursday following disappointing quarterly reports from Amazon.com Inc (AMZN.O) and Alphabet Inc (GOOGL.O). The weak results from Amazon and Google parent Alphabet were the latest setback for the high-growth quartet of stocks known as FANG, which also includes Facebook Inc (FB.O) and Netflix Inc (NFLX.O). Nasdaq futures NQcv1 fell 0.8 percent and S&P futures EScv1 lost 0.5 percent, suggesting the U.S. stock market may see more selling when it opens on Friday.
Wall Street favorites in recent years, the FANG stocks have been punished in a month of volatility for U.S, equities that has some investors worried a decade-old bull market may be ending, The FANG group, along with sterling silver gavel cufflinks heavyweight tech stocks Apple and Microsoft (MSFT.O), have made outsized contributions to the S&P 500’s gains in recent years, and a prolonged downturn for those stocks would be a major setback for the market, After the bell, Amazon tanked 8 percent, The fall came after the online retailer and cloud computing heavyweight reported that its quarterly net sales rose to $56.58 billion from $43.74 billion a year earlier, That missed analyst estimates of $57.1 billion, according to Refinitiv data..