Volkswagen Sells Stake in Renk to Triton
January 31 2020 - 1:48AM
Dow Jones News
By Mauro Orru
Volkswagen AG (VOW.XE) said Thursday that it would sell a 76%
stake in Renk AG (ZAR.FF) to Triton International Ltd. (TRTN).
The German car maker said its board of management and
supervisory board approved the sale corresponding to roughly 5.3
million shares in the manufacturer of special gear units and
transmissions for tracked vehicles, which has been part of
Volkswagen since 2011.
Volkswagen said a purchase price of 97.80 euros ($107.79) a
share would be subject to adjustments in relation to its dividend,
adding that it expects the transaction to close in early 2021.
The disposal is expected to generate approximately EUR150
million in a book value gain on an IFRS basis, with cash proceeds
of roughly EUR530 million, Volkswagen said.
The German car maker said Triton and Renk had agreed a long-term
location and employment guarantee for sites in Augsburg, Rheine and
Hanover in Germany until Dec. 31, 2026.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
January 31, 2020 01:33 ET (06:33 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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