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08-23-2011, 07:10 PM #1
- Join Date
- Jan 2010
VW submits MAN merger application to EU CommissionVolkswagen, the biggest European automaker, said Tuesday that it has submitted a formal application to the EU Commission for a merger with the heavy truck group MAN.
Approval of the merger, which VW said it was confident "will be forthcoming in the second half of the year," should lead to a tie-up of MAN with VW's Scania brand, creating a new heavyweight in the truck sector.
A merger of VW and MAN, in which VW now holds 55.9 percent of the voting rights, has already been approved by regulatory authorities in Germany, Japan, the United States and seven other countries, a statement said.
The automaker also owns 70.94 percent of the voting rights in Scania, while MAN owns another 17.4 percent.
"Following receipt of all the necessary regulatory clearances and subsequent settlement of the mandatory offer, substantial synergies in the fields of procurement, development and production can be realized through a closer cooperation of MAN, Scania and Volkswagen," the statement added.
VW wants to merge MAN and Scania along with its own heavy vehicle activities to create a rival for two other European heavyweights, Daimler Trucks and Volvo Trucks.
Meanwhile, VW is also striving to finalise its takeover of iconic sportscar maker Porsche, which is slated to become the group's 10th brand once legal problems have been resolved.
Other VW brands include Audi, Bentley, Lamborghini, Seat and Skoda.
The group wants to become the world's biggest automaker by 2018.