Volkswagen has ordered sealed‑envelope bids for the sale of its Everllence engine unit, valued around $10 bn. The move aims to neutralise perceived advantages for EQT, which is partnering with major shareholders Porsche Automobil Holding and Qatar Investment Authority. Six supervisory‑board members, including chair Hans Dieter Pötsch, will recuse themselves, leaving a board dominated by worker representatives to decide.

Three consortia – EQT, CVC Capital with Canadian pension funds, and Bain – must submit final offers next week. All have drafted shareholder agreements and value‑creation plans to enable an immediate signing after the bid round. Bids have risen from €5 bn in February to roughly €8.5 bn, reflecting higher demand for marine engines and power‑plant turbines amid data‑centre growth.

The sale is critical for Volkswagen, which intends to keep a 49% stake and eventually float Everllence. Retaining the option to sell parts such as the turbomachinery unit could unlock further value. With the supervisory board set to vote after a one‑week extension, the outcome will shape VW’s cost‑cutting agenda and its broader portfolio reshaping.