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Volkswagen AG canceled plans for a partial share sale in its Traton SE division, citing weak markets, a setback to the automaker’s plan to generate fresh funds for the heavy-truck unit’s expansion outside of Europe.

Heinz Hermann Thiele is about $6 billion richer after last week’s initial public offering of his largest asset, Knorr-Bremse AG, the world’s biggest maker of truck and train braking systems. The IPO makes him Germany's fourth-richest person, with a net worth of $15.3 billion, according to the Bloomberg Billionaires Index.