Volkswagen moves a step closer to MAN acquisition 07 November 2011

The Volkswagen Group has taken a further decisive step towards an integrated commercial vehicles group, consisting of MAN, Scania and Volkswagen.

The Chinese competition authorities have approved the increase of the stake of Volkswagen AG in MAN SE by way of the mandatory offer.

Approval by the Chinese competition authorities marks the completion of all regulatory clearances prior to a settlement. Settlement of the mandatory offer and the associated majority acquisition in MAN SE is now expected next Wednesday (9 November 2011).

Following settlement of the mandatory offer, Volkswagen will hold a total of 55.9% of the voting rights and 53.71% of the share capital of MAN SE.

Through closer cooperation between MAN, Scania and Volkswagen in procurement, development and production, VW expects substantial synergies and cost savings.

Author
John Challen

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