Volkswagen acquires majority stake in MAN
9 July 2011
Volkswagen AG announced that it has secured a majority stake in MAN SE. Following the required regulatory approvals, Volkswagen will hold 55.90% of the voting rights and 53.71% of the share capital of MAN SE. This move deepens Volkswagen’s alliance with MAN and Scania and strengthens its position as a European heavy-duty truck manufacturer.
Volkswagen had made a mandatory offer to all shareholders of MAN SE according to German takeover law to acquire their shares in MAN SE with the offer period running from 31 May until 29 June 2011. The offer price was €95.00 per ordinary share and €59.90 per preference share.
“Volkswagen is more than pleased with the result,” said Volkswagen CEO Martin Winterkorn, and added: “As a result, our objective of realizing substantial synergies between MAN, Scania and Volkswagen (...) is moving closer.”
Volkswagen holds over 45% of Scania.