Volkswagen Ag plans to increase its majority stake in MAN SE to 75 percent or more, Prof. Dr. rer. pol. Jochem Heizmann said.
“As a matter of principle, we’re keeping all our options open when dealing with the truck divisions,” Heizmann said on Thursday at VW’s annual general meeting in Hamburg.
Earlier in the day, Volkswagen CEO Martin Winterkorn said the company’s stake in MAN was “around 74%,” slightly more than the 73% announced by MAN last week. Theoretically, this could already be sufficient for VW to sign a profit transfer and domination agreement because usually not all holders of voting stock are present at shareholder meetings.
VW raised its holding of ordinary shares in Munich-based MAN to 73 percent, giving the German car maker control of 71.08 percent of total share capital, MAN said in a statement on Friday.
The company is seeking to integrate MAN more closely with Swedish rival Scania (SCVb.ST), which the Wolfsburg-based company also controls, to save at least 200 million euros (165.85 million pounds) annually in procurement, production and research and development.
Volkswagen hitherto held a 59.58% voting stake in MAN and 57.33% of its share capital. In addition the German carmaker holds a 70.94% voting stake in Scania and 45.66% of its share capital. MAN holds a 17.37% voting stake in Scania and 13.35% of its share capital after a failed takeover attempt in 2006.