Volkswagen publishes mandatory offer for MAN 07 June 2011

Volkswagen has made a public offer to all third party shareholders of MAN SE for their shares, in accordance with German acquisitions law.

VW says the offer represents a further step towards the creation of an integrated commercial vehicle group consisting of MAN, Scania and Volkswagen.

In fact, the offer is a legal requirement in Germany, triggered by VW's increase in its holdings in MAN from 29.9% to 30.47% late last month. The extent of control being pursued is unclear, but pundits believe creating an integrated group will require more than mere collaboration.

The offer price is, as predicted, €95.00 per ordinary share and € 9.90 per preference share, with the acceptance period ending on June 29, 2011.

The offer is being made as a cash offer and is subject to various regulatory approvals including merger control clearances.

MAN shareholders who accept the offer will also be entitled to a dividend resolved at the company's AGM to be held in Munich on June 27, 2011.

Author
Brian Tinham

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