Volkswagen cleared for MAN truck takeover
6 October 2011 - Autoblog
Volkswagen is on the rise, and has its eye on becoming the largest automaker in the world. But the VW Group is about more than just cars.
Their considerable holdings and expanding corporate tree also encompasses several heavy truck manufacturers, and that part of the business has now been cleared to expand.
We first reported on Volkswagen's intent to acquire a larger stake in MAN – the truck, bus and turbodiesel engine manufacturer that is not only the oldest company listed on the German stock exchange, but itself also one of the largest.
The move has now received European regulatory approval, clearing the way for Volkswagen's commercial vehicle division to increase its stake in MAN SE from 30.5 percent to 53.71, while increasing its voting rights to a majority 55.9 percent. The acquisition is expected to reduce overhead and redundancies between MAN, Scania and Volkswagen's own truck operations, opening the door for the larger company to become the largest truck manufacturer in the European market