Volkswagen has taken another step towards making their truck portfolio resemble their successful multi-brand car portfolio in finally acquiring the majority of MAN shares.
The company’s stated aim is to operate an ‘integrated commercial vehicles group’ made up of MAN, Scania and their own light commercial division.
“This marks the birth of a new top player on the global truck market,” Prof. Dr. Martin Winterkorn, CEO of Volkswagen, said in Wolfsburg. Europe’s largest automaker now holds 55.90 per cent of the voting rights and 53.71 per cent of the share capital of MAN SE.
Earlier this year, VW bought a handful of MAN shares, which put it over specific threshold of 30% holding resulting in a mandatory offer to other shareholders to buy their shares. This offer was better subscribed to than VW was expecting which has given VW the 55.9% that it currently enjoys.
VW claim that all parties are convinced that working together will save money – a figure of EU200 million per year has been quoted by VW, although these figures are usually harder to achieve in reality,
VW were keen to stress that the brands will not be affected by the acquisition; CEO Winterkorn stressed, “That is the basic principle of our successful multi-brand strategy.”
This acquisition also means that VW own more of Scania than previously, as MAN’s holding of Scania shares now belongs to VW, the company’s shareholding in Scania increases to 89.2 (formerly 71.8) per cent of the voting rights and 62.6 (49.3) per cent of the share capital.