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MAN introduces new eTGE fully electric van for zero-emission commercial needs

Count an all-electric van as one of the MAN SE’s upcoming offerings this year. The well-known truck maker is joining the ranks of manufacturers offering a zero-emission solution to commercial customers with the electric version of its TGE van – the new MAN eTGE.

One may easily mistake the MAN eTGE as the Volkswagen e-Crafter. This isn't surprising since its diesel version -- the TGE – is essentially a twin of the VW Crafter. Thus, the MAN eTGE shares its DNA and basic architecture with the e-Crafter. However, compared to its e-Crafter twin, the eTGE is less powerful and offers lesser electric range. Nonetheless, MAN says the eTGE is just right for its target market, which already includes of Germany, Austria, Belgium, France, Norway and the Netherlands. Customers could avail of this electric light commercial vehicle at a price of around €69,500.

The new MAN eTGE is powered by a permanently excited synchronous motor that could deliver 100 kW of output and 290 Nm of instant torque. Getting its juice from a rechargeable battery with a power capacity of 36 kWh, the electric motor allows the eTGE to go as fast as 90 km/h (56 mph). However, this energy capacity is just enough to allow the eTGE to go as far as 160 km (100 miles), which is mainly dependent on the load of this all-electric van. MAN eTGE has a permitted total weight of 3.5 or 4.25 tons as well as a maximum load of between 950 kg to 1,700 kg, depending on the configuration.

Read the entire article MAN introduces new eTGE fully electric van for zero-emission commercial needs

MAN will pay Abu Dhabi’s IPIC €350 million to buy back a 70% stake in Ferrostaal

The dispute between MAN SE (the truckmaker that Volkswagen AG controls) and International Petroleum Investment Co. has been resolved by a buyback of former unit Ferrostaal, making it possible for VW to enter the largest commercial-vehicle tie-up in Europe.

In a statement, the company said that MAN will pay 350 million euros ($465 million) to pay Abu Dhabi's IPIC to buy back a 70% share in Ferrostaal, resolving all the claims. All of Ferrostaal will then be sold by MAN to Muenchmeyer Petersen & Co. GmbH for up to 160 million euros. Since 2009, German prosecutors have been investigating Ferrostaal, which handles the development of industrial and petrochemical plants, due to reports that bribes were paid to win contracts.

In the past, VW said that the ongoing investigations at Ferrostaal were preventing efforts to integrate MAN with Swedish competitor Scania AB, which is also controlled by VW. Frank Biller, an analyst with Landesbank Baden-Wuerttemberg in Stuttgart, Germany, said that VW had always worked to lessen the possible risks. He believes that this settlement eliminates whatever pending legal qualms there are. He also said that there are no more obstacles left for VW to pursue joint projects with MAN and Scania.

Read the entire article MAN will pay Abu Dhabi’s IPIC €350 million to buy back a 70% stake in Ferrostaal

Volkswagen completes the acquisition of majority shareholding in MAN SE

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.

Read the entire article Volkswagen completes the acquisition of majority shareholding in MAN SE

Official: Vw gets the EU approval to increase its holding in MAN SE

Volkswagen Group has long wanted to have an integrated commercial vehicles group composed of Volkswagen, Scania, and MAN. The Group however has moved closer to attaining this goal with the purchase of a majority share in MAN SE. Once the mandatory offer has been settled, Volkswagen will own 53.71% of MAN SE’s share capital but have 55.90% of the voting rights. It was back in the early part of May 2011 when Volkswagen Aktiengesellschaft increased the number of ordinary shares it had in MAN SE from 29.9% to 30.47%.

Since this was over the 30% limit of the voting rights, takeover law in Germany compelled the company to make a mandatory offer to all of MAN SE’s shareholders with the intent of buying their shares. The deadline for the acceptance period was June 29, 2011, and by then 35,857,607 ordinary shares were tendered to Volkswagen, in addition to the 164,613 preference shares.

According to Volkswagen Aktiengesellschaft CEO Prof. Dr. Martin Winterkorn, this acquisition signals the start of a new top player when it comes to the global truck market. He said that Volkswagen, as well as Scania and MAN, understands the industrial logic when it comes to closer cooperation. With this latest move, the resulting cooperation is expected to bring in around EUR 200 million per year. It will begin with procurement activities, with the medium and long-term plan that connotes a closer collaboration not only in production but also in research and development.

Read the entire article Official: Vw gets the EU approval to increase its holding in MAN SE

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.

Read the entire article Vw requesting approval from European Union authorities to buy MAN SE

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.

Read the entire article MAN SE does not expect any antitrust issues with VW

To mark another milestone in the bid of Volkswagen AG for global dominance, the company is set to make an offer for truck manufacturer MAN SE in the coming days. This is one of the offers in a series of plans for the company to become the No. 1 vehicle manufacturer in the world by 2018, outperforming Japan-based Toyota Motor Corp.

During the early parts of this month, the company has opened a $1 billion assembly plant in the United States. It has also been venturing in China, which is the biggest vehicle market in the world.

On the other hand, the alliance with Japan-based Suzuki has yet to progress. Moreover, the company is still working on a merger with Porsche. In addition, chairman Ferdinand Piech is eyeing Alfa Romeo of Fiat S.p.A.

Read the entire article Volkswagen makes an offer for truck manufacturer MAN SE