By KYIV. Oct 31 (Interfax-Ukraine) – The transactions to sell the Russian assets of Traton Group truck makers Scania and Man, as well as those of carmaker Porsche are expected to be completed within 12 months, their parent company, Germany’s Volkswagen Group said.
Traton entered into an agreement in the third quarter to sell 100% of shares in Man Truck and Bus Rus LLC to local dealer Man Truck Chelny LLC. The transaction is expected to be completed in 2022, VW said.
In addition, Traton has signed a declaration of intent to sell 100% of shares in Scania-Rus LLC. This transaction is expected to be completed within the next 12 months, VW said.
Traton said in mid-September that Man and Scania would sell their dealership business in Russia to local partners. Scania will also divest its Russian financial division, Scania Leasing LLC, the group said. Traton said it expected to report a loss of up to EUR 550 million as a result of the transactions.
VW also said that sports car maker Prosche AG also considered the options for its market presence in Russia in the third quarter, including the sale of its three subsidiaries in the country to an independent third-party investor. "To this end, the sale negotiations with potential interested buyers were intensified. The transaction is currently expected to be completed within the next twelve months," VW said.
