The Volkswagen Group has reached a further important milestone on its way towards an integrated commercial vehicles group consisting of MAN, Scania and Volkswagen.
VW Ag. has received approval from the EU Commission to increase its holding in MAN SE in line with the mandatory offer. This was announced by Europe’s largest automaker in Wolfsburg on Monday.
“The Commission’s investigation showed that European heavy truck and bus markets would remain competitive after the merger,” the EU executive said.
“The merged entity will continue to face strong competition from other well established manufacturers such as Daimler, Volvo, Iveco and DAF trucks and Daimler, Volvo, Iveco, Solaris and VDL in buses,” it said. (Reporting by Foo Yun Chee) – Reuters
Moreover, the vast majority of competitors and customers confirmed to the Commission that there have been no substantial changes in the heavy truck or bus markets since the Commission authorised a merger between MAN and Scania in 2006 (see IP/06/1868), although this merger never took place.
The maker of the Golf hatchback triggered a mandatory bid for MAN by raising its stake to 30.5 percent from 29.9 percent on May 9 to pave the way for closer cooperation between Munich- based MAN and Sweden’s Scania AB, which VW already controls.
Volkswagen is set to obtain a 55.9% voting stake and 53.7% of the share capital in MAN through a bid that values the company at about EUR13.7 billion. It aims to forge a European truck alliance that takes on market leaders Daimler AG (DAI.XE) and Volvo AB (VOLV-B.SK) on a global scale.
Ferdinand Piëch, the company’s powerful chairman, plans to build the world’s largest car and truckmaking group by 2018.