Volkswagen CEO Oliver Blume wants to place additional shares in the commercial vehicle subsidiary Traton on the market and thus pave the way for the company to join the MDax.

The low free float at Traton remains an obstacle for many investors, Blume said at the VW Annual General Meeting on Wednesday, according to a speech transcript published in advance. "That is why we are prepared to gradually increase the free float." This would also increase Traton's chances of being included in the MDax.

In the medium term, VW still plans to hold a stake of 75 percent and one share in Traton, said Blume. "We want to remain a committed and responsible shareholder," emphasized Blume. However, he left open how many shares VW could place on the market. Currently, the free float at Traton is just over ten percent, with almost 90 percent of the shares belonging to VW.

Traton shares fell 0.9 percent in early trading in Frankfurt. Since the beginning of the year, they have gained around 55 percent. Volkswagen floated the commercial vehicle manufacturer, which includes the Scania, MAN, Navistar and VWCO brands, on the stock exchange in 2019. Traton's low free float has long been criticized by investors and analysts.

(Report by Christina Amann, edited by Myria Mildenberger. If you have any questions, please contact our editorial team at Berlin.Newsroom@thomsonreuters.com (for politics and the economy) or Frankfurt.Newsroom@thomsonreuters.com (for companies and markets)