VW gets control of MAN with stake increase
By admin - Thu Jun 07, 12:11 pm | 0 Comments | 0 views
Reuters reports that Volkswagen recently upped their stake at Maschinenfabrik Augsburg-Nurnberg – aka MAN – from about 73.76 percent to full 75 percent. This looks like a small jump, but this move lets Volkswagen ask for domination agreement, and this can give VW full control over company of commercial vehicle. Volkswagen & Audi currently have similar understanding. Shares of MAN increased by about 9 percent on news, and some investors believe that Volkswagen can pay about $118 a share in this take over bid.
Technically speaking, Volkswagen has not made any decision about either getting a take over or domination agreement, but this company says that it is keeping all their options open at this moment. Martin Winterkorn, the CEO says that bigger stake in MAN “marks very important mile stone to achieving the joint goals for business of commercial vehicles as else where through the close cooperation. How this cooperation becomes close or not in near future is to be seen.
Volkswagen was slowly increasing their stake at MAN slowly in past year.