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.
