VW says it holds 55.9 percent of voting rights in MAN

4th July 2011, Comments 0 comments

Volkswagen, the biggest European automaker, said Monday that it now holds 55.9 percent of the voting rights in heavy truck maker MAN, paving the way for a tie-up with Scania of Sweden.

VW wants to merge the two companies along with its own heavy vehicle activities to create a rival for two other European heavyweights, Daimler Trucks and Trucks.

VW had made a public offer for shares in MAN, which also makes diesel engines and industrial turbines, of 95.00 euros ($138.51) for ordinary shares and 59.90 euros for preference shares

© 2011 AFP

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