Volkswagen Truck & Bus on Friday selected mergers and acquisitions specialist Christian Schulz as its new finance chief, as the division looks to tap capital markets to fund an expansion plan which could lead to the acquisition of competitor Navistar.
Volkswagen prepares to build a global trucks business by combining its MAN and Scania divisions and building a stake in U.S. truck maker Navistar to challenge competitors Daimler and Volvo.
These plans were dealt a blow when the truck and bus division’s former CFO Matthias Gruendler resigned for personal reasons past month.
Schulz has been responsible for planning, mergers and handling the relationship with Navistar and Hino, Volkswagen stated. He joined the group in January 2017 from competitor Daimler.
Separately a spokeswoman for Volkswagen Truck & Bus stated the division had on Thursday converted its corporate designation from a GmbH, or a limited liability firm, into an AG, or a stock corporation.
That would make it easier to provide shares if the division were to be floated. The automaker has stated it is considering a listing or partial listing of the trucks division, however that this will not happen in this year.
A flotation would permit Volkswagen Truck & Bus to construct a war chest to purchase Navistar. Regulatory filings by the U.S. truck maker from April revealed that Volkswagen could take entire control of the company going forward.
Volkswagen currently has a 16.85 percent Navistar stake and both truck makers are presently collaborating in the area of electrification.