Volkswagen takes stake in MAN and looks for synergies with Scania

Wolfsburg, Germany: Volkswagen has taken a 56% majority stake in MAN, giving it control of the German heavy truck maker.

The moves comes after the German carmaker made a mandatory offer for MAN shares on the Frankfurt stock exchange and adds a second truck maker to VW’s truck business on top of control of Swedish firm Scania.

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Volkswagen has taken a 56% majority stake in MAN, giving it control of the German heavy truck maker

With control of MAN, the firm would now seek “synergies between MAN, Scania and Volkswagen” according to chief executive Martin Winterkorn.

“Volkswagen is more than pleased with the result,” he said, after participation by MAN shareholders in the offer was much greater than expected.

The synergies are expected to include some €200m ($290m) in annual savings via joint purchases for the two truck-making units.

The combination of Scania with MAN creates a firm big enough to compete with Europe’s other two main truck makers, Daimler and Volvo. The two VW-controlled businesses together produced 172,000 heavy trucks last year, compared with 274,000 by Daimler and 171,000 by Volvo.

“The cooperation with Volkswagen and Scania now enters a new, offensive stage,” said a spokesman for MAN, who welcomed the takeover.

The deal regulatory approval from competition authorities, which may not be straightforward, as the European Commission has already blocked an earlier plan by VW to put Scania executives onto MAN’s supervisory board.

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