economy
VW resorts to sealed bids to avoid conflicts in $10bn engines sale
German carmaker moves to counter fears EQT has edge after teaming up with major shareholders
TL;DR
- Volkswagen is selling its $10 billion engine unit.
- A sealed bid process will be used for the sale.
- This method is intended to prevent conflicts of interest.
- Concerns existed that EQT might have an unfair advantage due to ties with major shareholders.
- The sealed bids aim to create a more competitive and transparent auction.