Volkswagen Officially Goes for MAN
Volkswagen, already a shareholder in MAN, will at first increase its control over MAN from a little over 30 percent to in between 35-40 percent. That should be enough, reckons Volkswagen, to give it regulatory approval without spending a fortune on buying MAN in its entirety.
The Germans have offered EUR95 (1.8 percent below the current market value) per ordinary share and EUR59.9 per preference share, giving at the same time MAN shareholders a two-week period during which to decide on taking or rejecting the offer.
"We will check this offer and give a statement within two weeks," a MAN Trucks spokesman was quoted as saying by just-auto.com. "There is no particular date - there exists in German regulations that you have to do it two weeks after."
According to the official papers, "the remaining business activities of Volkswagen Group and particularly Scania will not be affected by realizing these synergies." Financially speaking, these synergies will help Volkswagen save at least 400 million euros per year from joint purchasing operations.
“This offer represents a further step by Volkswagen towards the creation of an integrated commercial vehicle group consisting of MAN, Scania and Volkswagen," the German group said in a statement.
comments written so far
other makes? I have been a Scania fan for 40 odd years, and all this with MAN
and Scania makes me unhappy, not knowing what the end result will be. Pete Church