Volkswagen Ag, Europe’s largest carmaker on Tuesday announced that is increasing its share of the voting rights in MAN SE from 73.76 percent to 75.03 percent with effect from June 6, 2012.
It did not say how much of MAN’s share capital – including preference shares – it now holds.
“This marks a further important milestone for achieving our joint goals in the commercial vehicles business as elsewhere through close cooperation”, Volkswagen Aktiengesellschaft’s CEO Prof. Dr. Martin Winterkorn said.
Stock in MAN shot up 8 percent as of 1420 GMT, trading at 84.08 euros, while VW preferred shares edged up 0.3 percent to 120.20 euros.
News of Volkswagen’s increased stake in MAN follows the announcement of a wide-ranging management reshuffle at the automotive group including appointments at its truck-making activities.
Scania AB CEO Leif Oestling will join VW’s management board to help forge a truckmakingalliance between Scania, MAN SE and the carmaker’s own commercial-vehicles unit, thecarmaker, based in Wolfsburg, Germany, said in a statement on Saturday.
“This fundamental reorganization is the right response to the increasing challenges. At the same time, we are laying the foundations for keeping the group and its brands on their successful course even in a difficult market environment,” VW CEO Winterkorn said in a statement.
Volkswagen bought Scania and MAN in recent years to forge a European truck alliance and take on global market leaders Daimler AG and Volvo AB .