With the takeover bid for Man, Volkswagen aims to create greater synergies in the truck sector

German giant Volkswagen has secured a majority of the voting rights in truck maker MAN with a 55,9% stake, exceeding its initial target of 40%. VW presented a takeover bid for MAN at 95 euros per ordinary share and 59,90 euros per preferred share.
The majority stake will allow Volkswagen to determine the composition of the supervisory board and accelerate cooperation between MAN and the Swedish subsidiary VW Scania. Indeed, Volkswagen wants to merge the two companies in its heavy vehicle activities with the aim of standing out with the two European giants Daimler Trucks and Volvo Trucks.
“Volkswagen is more than satisfied with the result,” said chairman Martin Winterkorn. “We are getting closer to the goal of creating more synergies between MAN, Scania and Volkswagen in the interest of all shareholders, employees and customers,” he added.