Volkswagen Ag, Europe’s largest carmaker plans to get full control over the MAN SE, after the company will use its 75 percent voting stake to pass a motion on Thursday morning at MAN’s annual shareholders’ meeting.
The announcement comes after VW announced back in April that the supervisory boards of both companies have approved the so-called domination and profit and loss transfer agreement. According to the agreement, VW, which already owns 75.03 percent of MAN SE is offering 80.89 euros per share for the remaining 24.97 shares.
VW plans to save more money by integrating MAN SE with Swedish truckmaker Scania AB, the other truck maker, where the German automotive company Volkswagen AG owns a 70.94% voting stake. In addition, VW is consolidating a global empire that at this moment includes vehicles, supercars, trucks and from April 2012 – motorcycles, after Audi both Ducati for $1.12 billion.
MAN SE (MAN), Europe’s third-biggest truckmaker cut its earnings forecast for 2013 in April, after demand for new heavy trucks in Europe fell for a 15th consecutive month in March. According to ACEA – the European Automobile Manufacturers’ Association, demand for new Commercial Vehicles over 3.5t was down 5.2 percent in Europe in April, totaling 24,066 units.
From January to April, all important markets recorded a double-digit decline as demand dropped by 12.9% in France, 14.6% in Germany, 15.4% in the UK, 17.7% in Italy, 19.4% in Spain and 20.2% in the Netherlands, leading to an overall 13.8% contraction in the region.
Image Credit: Guenter Schiffmann/Bloomberg