Vw requesting approval from European Union authorities to buy MAN SE

Article by Christian A., 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:

Pin It

Comments

Recommended

Lamborghini has disclosed that it is looking into the possibility of releasing electric vehicles. With the Volkswagen Group revealing that it will be releasing electric vehicles within several years, there...
by - March 25, 2017
Daimler AG, through its Smart division, has disclosed that its two electric models, the Smart ForTwo and the Smart ForFour are now open for orders in Germany. Official market launch...
by - March 25, 2017
Lamborghini has officially offered clear proof that the Huracán Performante was able to set a new record at the Nürburgring Nordschleife with a time of 6:52.01 It was in early...
by - March 25, 2017
Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 2017
Porsche is laying aside any plans of pushing another hybrid hypercar into their line-up -- at least not at this time. Oliver Blume, Porsche Global Chief confirmed in a recent...
by - March 24, 2017
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