ETF News

Volkswagen approaches potential buyers of MAN Energy Solutions unit -sources

FRANKFURT, May 6 (Reuters) - Volkswagen has approached several companies to gauge their appetite for buying MAN Energy Solutions, a unit which makes large diesel engines used in ships and power generators, people close to the matter said.

The informal sales pitch forms part of a push by Volkswagen Chief Executive Herbert Diess to slim down and simplify the sprawling conglomerate which counts 12 brands, trucks, buses, motorbikes, cars and electric bicycles as part of its business.

While Volkswagen has not yet started a formal sales process and has not appointed a sellside advisor it has reached out to peers such as Cummins, Wartsila and private-equity owned Jenbacher, these sources said.

Volkswagen declined to comment. (Additional reporting by Edward Taylor Editing by Thomas Seythal)