Volkswagen acquiring 55.9% stake in MAN SE to become Europe's largest truckmaker
8 Juillet 2011
There's plenty of room to get lost in the Volkswagen Group. In addition to the VW brand, the group controls Skoda, Seat, Audi, Porsche, Lamborghini, Bentley and Bugatti. But we can't forget its truck divisions.
In addition to being Europe's largest automaker, VW is also one of its largest producer of trucks as well, producing VW commercial vehicles while holding nearly three-quarters of the shares in Swedish truckmaker Scania and a significant stake in MAN as well.
That's last bit's about to increase, though, as a new deal in progress will see Volkswagen increase its holdings in MAN SE from 30.5 percent to 55.9 percent. According to Bloomberg, the deal is still pending regulatory approval, but is expected to lead to increased cooperation between Scania and MAN, helping both companies reduce overhead.
The latest move in Volkswagen Group chairman Ferdinand Piëch's expansion plan, the takeover will make the German industrial giant that much bigger. Both Volvo (which also produces Mack and Renault trucks) and Daimler (which owns Freightliner, Mitsubishi Fuso, Thomas, Sterling and Mercedes-Benz trucks), each hold about 21 percent of the European truck market. But because MAN and Scania together account for some 30 percent of European heavy-duty truck sales, the acquisition is expected to catapult VW into position as the largest truckmaker in Europe.