The Wolfsburg-based conglomerate said last week it was aiming to raise up to 1.9 billion euros (£1.7 billion) by listing Traton. Volkswagen has scaled back earlier ambitions to list up to a quarter of the unit by opting to float a 10% stake.

Witter on Monday said the reaction from investors was positive while the market environment was "not ideal, but not bad either".

(Reporting by Jan Schwartz; Writing by Thomas Seythal; Editing by Michelle Martin)