MAN SE, a German manufacturer of trucks, is confident that there will be no antitrust issues arising from its acquisition by Volkswagen AG, the company’s Chief Executive Officer Georg Pachta-Reyhofen mentioned on Monday in Berlin.
Even with the leading indicators pointing to a global economic activity slowdown, Pachta-Reyhofen stated that MAN still was enjoying a continued boom. The CEO also mentioned that the “upswing is continuing undiminished," with new orders to remain excellent just as before.
Volkswagen disclosed last week that it had secured a 55.9 percent majority ownership in MAN, which is its second major industry holding after Swedish truckmaker Scania AB. The share is bigger than the 40 percent that VW originally sought when it bid in May.
The largest automaker in Europe triggered a mandatory bid for MAN by increasing its share on May 9 from 29.9 percent to 30.5 percent in order to prepare for closer cooperation between the German truckmaker and its Swedish rival Scania.
This endeavor is part of the VW chairman Ferdinand Piech's intention to produce Europe's largest truck maker by merging MAN and Scania in order to outperform the world’s two biggest players in the industry, Daimler AG and Volvo AB.
Volkswagen estimates that a three-way truck alliance can save around 1 billion euros ($1.45 billion) in yearly costs including purchasing and development outlays.