Volkswagen, Europe's biggest automaker, has secured a majority stake in German-based heavy truck maker MAN SE, the company said on Monday.
VW now holds 55.9 percent of the voting rights in MAN, which brings it a step closer to a tie-up with Swedish Scania.
The company said it had made a mandatory offer to all shareholders of MAN SE in accordance with German takeover law to acquire their shares in MAN SE with the offer period running from 31 May until 29 June 2011. VW statement said it offered €95.00 for ordinary shares and €59.90 for preference shares in MAN and paid a total of just over €3.4bn for 35,857,607 ordinary and 164,613 preference shares.
“Volkswagen is more than pleased with the result,” said Prof. Dr. Martin Winterkorn, CEO of VW, and added: “As a result, our objective of realising substantial synergies between MAN, Scania and Volkswagen in the interest of all shareholders, employees and customers is moving closer. We will continue to work expeditiously in close coordination with the relevant authorities towards obtaining the required regulatory approvals globally.”