WOLFSBURG (dpa-AFX) - Volkswagen (VKW.L, VLKAF.PK, VOW.BE) said that it decided not to continue with the preparation of an Initial public offering of its trucks unit Traton SE for the time being, because of tough global market conditions.
The company noted that its board of Management is still aiming for the Initial public offering of the Traton once market conditions improve.
Traton, which contains Volkswagen's Man and Scania brands, was created last year in a move widely seen to be the precursor for an Initial public offering.
Traton was expected to be valued at about 25 billion euros - 30 billion euros, and VW had been expected to sell up to 6 billion euros of shares in the business.
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