25 August 2011
The Volkswagen Group announced it has submitted a formal merger control application as part of the mandatory offer for shares in MAN SE to the EU Commission in Brussels. Volkswagen expects to receive the regulatory approval in the second half of the year. The takeover of MAN has already been approved by authorities in Germany, USA, Japan and in several other countries.
“Following receipt of all the necessary regulatory clearances and subsequent settlement of the mandatory offer, substantial synergies in the fields of procurement, development and production can be realized through a closer cooperation of MAN, Scania and Volkswagen,” said Volkswagen.
Through the combination of MAN with Scania, the merger would create a strong competitor for European truck makers Daimler and Volvo. Volkswagen currently holds 55.9% voting rights in MAN and over 70% voting rights in Scania.