Volkswagen AG has requested the European Union authorities to approve its takeover offer for German truckmaker MAN SE. VW, which aims to secure a majority in MAN SE, submitted a so-called merger control filing last Monday to the European Commission, the executive arm of the EU. On its Web site, the European Commission announced that a decision will be made by Sept. 26. VW expects to own 55.9% of MAN's voting rights when the deal is closed.
Last Tuesday, VW said that the planned merging has already gotten the approval of several national authorities, says BusinessWeek. Last May, VW began the bid, aiming to get 40% of MAN's voting rights.
A mandatory bid for MAN was triggered by the company’s decision to raise its stake to 30.5% from 29.9% on May 9 to clear the way for a closer cooperation between MAN and Scania AB, which VW already has taken control of.
VW believes that three-way truck alliance will save up to 1 billion euros in yearly costs including purchasing and development outlays. If MAN and Scania combine, this will mean that Volvo AB and Daimler AG have been beaten for the title of Europe's largest maker of heavy trucks.
The European Automobile Manufacturers' Association said that together, MAN and Scania had 30% of the European heavy-truck market in 2010 while Volvo and Daimler tied at 21% each.