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August 13, 2022

Volkswagen acquires majority stake in MAN

Europe’s largest car manufacturer Volkswagen has gained a majority stake in MAN, taking a step further toward its goal of creating the biggest truck maker on the continent, Wall Street Journal. Volkswagen said Monday its offer of 95 euros for ordinary shares and 59.9 euros for preference shares was “well received” by MAN shareholders. It obtained nearly 35.9 million ordinary shares and more than 164,000 preference shares. The tender gives the Wolfsburg-based company a “stable majority” of 55.9 percent voting rights and 53.7 percent of MAN’S share capital. Volkswagen wants to merge MAN with its commercial vehicles unit and with Swedish truck manufacturer Scania to compete with trucking giants Daimler and Volvo. The company, which owns Audi, Bentley and Lamborghini, and is in the process of acquiring Porsche, holds a 71.8 percent stake in Scania. The merger still requires regulatory approval.

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