VW raises MAN holding as step towards Scania merger
Europe's biggest automaker, Volkswagen, unveiled on Monday plans to advance towards a merger of truck makers MAN and Scania by increasing its holding in MAN to more than 30 percent.
"Volkswagen goes one step further towards an integrated commercial vehicle group consisting of MAN, Scania and Volkswagen," a statement said as the group raised its holding to 30.47 percent from 29.9 percent previously.
In passing the bar of 30 percent, VW must now under German lay make an offer for all outstanding shares in MAN, which VW has long seen as a natural partner for the Swedish truck maker Scania.
VW expected to offer 95 euros ($136.80) for ordinary MAN shares, the statement said.
VW also owns 45.66 percent of the shares in Scania, along with 70.94 percent of the voting rights.
MAN owns another 13.35 percent of Scania's stock.
"To enable a more in-depth cooperation among MAN, Scania and Volkswagen, merger control clearance and further increase of Volkswagen's holding in MAN are required," VW the statement noted.
"The commercial vehicle business is a very attractive strategic business field for us. We, therefore, now want to pave the way for a closer cooperation between MAN, Scania and Volkswagen," VW chief executive Martin Winterkorn added.
© 2011 AFP