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Clifford Chance advises underwriters on the IPO of VW subsidiary TRATON SE on Frankfurt Stock Exchange

28 June 2019

Clifford Chance advises underwriters on the IPO of VW subsidiary TRATON SE on Frankfurt Stock Exchange

International law firm Clifford Chance has advised a banking consortium led by Citigroup, Deutsche Bank, Goldman Sachs and J.P. Morgan, acting as joint global coordinators, on the IPO of Volkswagen AG's truck and bus unit, TRATON SE, one of the largest truck manufacturers in the world. TRATON's shares have started trading on the Frankfurt Stock Exchange and the Stockholm Stock Exchange on 28 June 2019.

Assuming full exercise of the greenshoe option, Volkswagen placed 11.5 per cent of its share ownership of TRATON, amounting to 57.5 million shares, with a price of EUR 27 per share. The gross proceeds from the sale of the TRATON shares would correspond accordingly to EUR 1.55 billion. The offering would value TRATON's entire share capital at approximately EUR 13.5 billion.

The Clifford Chance team comprised partners George Hacket and Philipp Klöckner (both Banking & Capital Markets, Frankfurt), Markus Stephanblome (Corporate/M&A, Frankfurt), Avrohom Gelber (New York) and Olaf Mertgen (Frankfurt, both Tax), Claudia Milbradt (IP, Düsseldorf), Jörg Rhiel (Corporate/M&A, Frankfurt), Marc Besen (Antitrust, Düsseldorf) and Mathias Elspaß (Corporate/Public commercial law, Düsseldorf), counsels Maximilian Graf Zedtwitz von Arnim (Antitrust, Düsseldorf), and Maxime Budzin (Tax, Luxembourg), associates David Santoro and Andrei Manea (both, Banking & Capital Markets), Nadine Fell and Arian Nazari-Khanachayi (both Corporate/M&A, all Frankfurt), Sean Smestad (Tax, New York) and Günter Roland Barth (IP, Düsseldorf).