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Volkswagen has acquired 15.06 percent of
MAN as a strategic investment
Volkswagen Aktiengesellschaft
acquired a 15.06 percent stake in MAN on October 3. A full
takeover of MAN is not intended. The investment should allow
Volkswagen to secure its strategic interest in the truck sector
and should make possible a friendly and jointly developed
solution, which achieves maximum synergies.
Volkswagen’s approach is not
intended in any way to be hostile. In the light of indications
in the market of a hostile takeover attempt of MAN by
third-parties, this investment in MAN is essential to secure
Volkswagen’s interests.
Volkswagen's Constellation Titan
Tractor 320
"Volkswagen has an industrial
interest in the truck business, which is already underpinned by
our investments in Scania, our Brazilian truck operations and
our light truck activities. It is Volkswagen’s clear objective
not only to guard these interests, but also to strengthen the
potential," said Dr Pischetsrieder, Chairman of the Board of
Management of Volkswagen.
"In principle there is a high degree of
potential for synergies between MAN and Scania. In order to realise
these synergies quickly, it is essential that the two management teams
work in a co-operative environment. This requires the full support of
the employees of both companies. In our opinion a hostile takeover does
not encourage this."
"Moreover, the outline of the transaction
proposed by MAN does not reflect the fair value of Volkswagen’s voting
rights and economic interest in Scania."
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