Photo: MAN
The takeover of MAN SE by Volkswagen AG has been given the green light as the automaker obtained EU antitrust approval today without having to asset sales or other remedies because the “merged entity would continue to face strong competition from other well-established manufacturers.”
The three-way alliance between the two and Sweden’s Scania will result in a business that could save up to €1 billion ($1.35 billion) through cost cuts.
Following the settlement of the offer, VW will hold a total 55.9 percent of the voting rights and 53.71 per cent of the shares of MAN SE. Substantial synergies can be realized through a closer cooperation of MAN, Scania and Volkswagen in the fields of procurement, development and production.
“Substantial synergies can be realized through a closer cooperation of MAN, Scania and Volkswagen in the fields of procurement, development and production,” the automaker said in an official statement.
The three-way alliance between the two and Sweden’s Scania will result in a business that could save up to €1 billion ($1.35 billion) through cost cuts.
Following the settlement of the offer, VW will hold a total 55.9 percent of the voting rights and 53.71 per cent of the shares of MAN SE. Substantial synergies can be realized through a closer cooperation of MAN, Scania and Volkswagen in the fields of procurement, development and production.
“Substantial synergies can be realized through a closer cooperation of MAN, Scania and Volkswagen in the fields of procurement, development and production,” the automaker said in an official statement.
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