VW CEO’s Berlin IPO Summit Leaves Attendees Guessing on Strategy

Volkswagen AG’s Oliver Blume summoned top managers to a hip Berlin hangout in late January to strategize on how Lamborghini, Bentley, Skoda and Seat would pitch an initial public offering to investors.

The exercises the chief executive officer ordered after Porsche AG’s successful listing last year had advisers from McKinsey & Co. and Wall Street banks including Goldman Sachs Group Inc. salivating over a potential role in VW’s next blockbuster IPO.

But some attendees walked away from the 25 Hours Hotel Bikini with little new insight on Blume’s concrete strategy for the brands, according to people present at ...