Volkswagen receives EC approval for MAN acquisition 28 September 2011

Volkswagen Group has reached a further important milestone on its way towards an integrated commercial vehicles group, consisting of MAN, Scania and VW.

Volkswagen AG has received approval from the European Commission to increase its holding in MAN SE in line with its mandatory offer for the CV giant.

The revelation came from Europe's largest automaker in Wolfsburg on Monday 26 September.

According to a spokesperson, VW assumes that the remaining outstanding completion conditions will be fulfilled during the coming weeks.

Following receipt of regulatory clearances and subsequent settlement of the mandatory offer, Volkswagen says it will hold a total 55.90% of the voting rights and 53.71% of the share capital of MAN SE.

The spokesperson insists that substantial synergies can be realised through a closer co-operation of MAN, Scania and Volkswagen – particularly in procurement, development and production.

Author
brian Tinham

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