Monday 9 May 2011

Volkswagen offers to take over MAN - Hurriyet Daily

Volkswagen, Europe’s largest carmaker, made a mandatory bid for MAN after increasing its holding in the truckmaker as VW seeks to intensify cooperation between the two companies and Scania.

VW offered 95 euros per common share for MAN, lower than the current share price of 96.89 euros, after increasing its voting rights in the German truckmaker to 30.47 percent, according to a statement Monday.

VW is seeking greater cooperation between MAN and Scania, which it already controls, to increase synergies in procurement, development and production. The two truckmakers have run into anti-trust restrictions as they seek to work more closely together and possibly combine.

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