MAN Sued For Not Offering Enough Information During Shareholder Meeting image

Effecten-Spiegel sued MAN for the answers it has given at a shareholder’s meeting regarding the potential legal battle with minority shareholders over VW’s plan to acquire the truckmaker.

Effecten-Spiegel sued MAN for not offering enough information during the June 6th meeting, according to the Dreier Riedel Rechtsanwaelte law firm. The complaint was filed in a Munich court and the Dusseldorf-based investor requests more information than what was offered during the meeting.

“We still deem the offered compensation as inappropriately low, ” Peter Dreier, the Dusseldorf-based lawyer that filed the complaint on behalf of Effecten-Spiegel, said in the statement. “We will review this aspect for our clients after the resolution of the shareholders meeting is registered.”

VW has won shareholder approval for a domination agreement and profit transfer with MAN, eliminating the need for negotiations between the two parties and offering the German automaker access to MAN’s cash. VW wants to buy the rest of MAN shares for 80.89 euro each and investors who do not accept this deal will be offered an annual dividend of 3.07 euro per share. In June 2012, VW increased to 75.03% its share of voting rights in MAN, preparing its strategy for a total domination to be put in place.

Source: Bloomberg