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Investing.com -- Volkswagen (ETR:VOWG_p) announced the sale of a 2.2% stake in its commercial-vehicles subsidiary, Traton, for €360 million ($393 million), or €32.75 per share.
Late on Tuesday, Volkswagen clarified that the transaction would improve the free float and trading liquidity of Traton shares.
Volkswagen also stated its intention to remain a committed and responsible shareholder despite the sale.
The 2.2% stake in Traton was sold to institutional investors through a private placement. This transaction has decreased Volkswagen’s direct holding in the truckmaker, which owns the Scania, MAN, and Navistar (NYSE:NAV) brands, to 87.5%.
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