Volkswagen has today announced that it has obtained the majority share of the truck manufacturer Man The project of the German car maker is closer integration with Sweden's Scania, already controlled, and its Division of heavy vehicles in order to create a global giant in the truck industry. The operation, the result of mandatory takeover bid of 95 euros per share was launched in May, has allowed Volkswagen to get the 53.7% stake in Man and 55.9% of the voting rights, being able to greatly exceed the initial target of 40%.
In particular, the takeover bid was launched immediately after passing the critical threshold of 30% stake in Man, indicated by the European authorities as the upper limit to prevent any kind of link between the various brands of industrial vehicles in the absence of a control share reasonable.
Already one week ago, during the Annual General Meeting of Man If the CEO Georg Pachta-Reyhofen had reiterated its support to the operation: "The Executive and Supervisory Committee are convinced that closer cooperation between MAN, Scania and Volkswagen will bring considerable benefits and synergies in purchasing, development and production.
" Although the total amount of the transaction is estimated at 3.4 billion euros, in a statement to the Wolfsburg said she was "extremely pleased" with the result.
In particular, the takeover bid was launched immediately after passing the critical threshold of 30% stake in Man, indicated by the European authorities as the upper limit to prevent any kind of link between the various brands of industrial vehicles in the absence of a control share reasonable.
Already one week ago, during the Annual General Meeting of Man If the CEO Georg Pachta-Reyhofen had reiterated its support to the operation: "The Executive and Supervisory Committee are convinced that closer cooperation between MAN, Scania and Volkswagen will bring considerable benefits and synergies in purchasing, development and production.
" Although the total amount of the transaction is estimated at 3.4 billion euros, in a statement to the Wolfsburg said she was "extremely pleased" with the result.
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