VW Group denies Bloomberg report on Lamborghini sale or stock listing



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VW Group denies Bloomberg report on Lamborghini sale or stock listing

On Sunday, the 13th of October 2019, the Wolfsburg-based leading German automaker had denied a Bloomberg report published late on Friday (October 11th) saying that the automaker had no interest in a sell-off or any kind of stock listing of its luxury brand Lamborghini.

In point of fact, latest comments from the German automaker, Volkswagen AG follows a Bloomberg report that said later this week that the Volkswagen AG had been seeking a potential spin-off of its luxury brand Lamborghini to put it up for a sale or a potential stock listing.

Aside from that, the Friday's (October 11th) Bloomberg report had also added that the Wolfsburg-based German automaker had been drawing up a plan to turn its luxury vehicle brand Lamborghini into a separate legal entity and to centre its focus more on to its major brands likes of Porsche and Audi, adding that the process could wind down by the year-end.

Nonetheless, adding that the VW management board had no plans to spin-off its luxury vehicle brand, Lamborghini, amid growing market speculation following VW CEO, Diess' comment earlier this year that the company was looking on to reshaping its portfolio of brands, a Volkswagen spokesman said to the reporters on Sunday (October 13th), "There are no plans for a sale or IPO of Lamborghini. Speculation to this effect is unfounded. "