The Volkswagen Group has acquired the majority shareholding in MAN SE, bringing the largest automaker in Europe closer to its goal of creating an integrated commercial vehicles group with Scania, Volkswagen and MAN. Volkswagen Aktiengesellschaft CEO Prof. Dr. Martin Winterkorn commented that the event marks the "birth of a new top player on the global truck market."
More specifically, the automaker now has 53.71% of the share capital and 55.90% of the voting rights of MAN SE. In May 2011, Volkswagen Aktiengesellschaft boosted its holdings in ordinary shares in MAN SE to 30.47% from 29.9%.
Because of the 30% threshold of the voting rights in MAN SE that the automaker will cross, German takeover regulations obligated Volkswagen to make a mandatory offer to all MAN SE shareholders to acquire their shares in MAN.
The shareholders had tendered 164,613 preference shares and 35,857,607 ordinary shares into the Volkswagen deal until June 29, 2011, which is the end of the acceptance period.
MAN, Scania and Volkswagen are convinced of the industrial logic of a closer cooperation. This latest development is anticipated to create yearly synergies of not less than EUR 200 million. In the beginning, these will involve procurement activities, then later on to a closer cooperation in research and development, and production in the medium term and long run.