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Report: Volkswagen close to hiring banks for truck division IPO

Volkswagen AG is close to hiring Citigroup, Deutsche Bank, Goldman Sachs and JP Morgan to work on the potential listing of the company's heavy-truck division, Traton Group, Reuters reported Oct. 8, citing anonymous sources.

Earlier in the day, Bloomberg News reported that the banks were likely to be mandated for the share sale.

In September, Volkswagen said it expects the unit to be ready for a public listing by the end of 2018. At the time, the company said it was looking to enlist investment bankers and legal advisers for its IPO preparations.