Vw requesting approval from European Union authorities to buy MAN SE

Article by Christian Andrei, on August 26, 2011

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.

Topics: vw, man

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Nearly a decade after Opel and sister brand Vauxhall introduced the Insignia large family car, these companies are now getting ready to unveil the second generation of this offering from...
by - December 7, 2016
After we caught a glimpse of the revamped Amarok, VW Australia once again wants to give its ute a sinister look inspired by the Mad Max movie franchise. The “Korama”...
by - December 7, 2016
Customers in the European market are known for leaning towards style and with this in mind, Nissan has revealed the special LEAF Black Edition. While the production run of this...
by - December 7, 2016
When Volkswagen unveiled the VW Atlas, it declared that this SUV is being developed for the United States and is set to arrive as a 2018 model. It also unveiled...
by - December 7, 2016
Did you miss the opportunity to get a brand new Dodge Viper? Well, here’s something you don’t want to miss. Dodge has announced a “final call” for orders for its...
by - December 6, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries