Volkswagen said it has obtained more than half of the shares of Germany's Mann

Germany’s Volkswagen AG recently stated that the company’s mandatory acquisition has won more than half of the German truck maker Mann’s shares, which will clear the barriers for the Volkswagen Group’s formation of a third European truck giant.

At present, Volkswagen AG already owns 53.7% of the company's share capital and 55.9% of the voting rights. The company's next step will be to promote the merger of its truck manufacturer Scania and Man, in order to form a company with Germany and Daimler. Sweden's Volvo Truck Group competes with large truck manufacturers.

“The Volkswagen Group is very satisfied with this result,” said Martin Winterkorn, CEO of Volkswagen, in a statement. “Our goal of integrating the Volkswagen, Mann, and Scania trucks caters to all shareholders, The interests of employees and consumers."

It is understood that two months ago, Volkswagen will increase its shareholding in the company to 30.47%, according to German law, which triggered the public to Mann's mandatory offer.

On May 31, Volkswagen AG had submitted a mandatory offer to third-party shareholders in Man. Volkswagen plans to invest EUR 13.76 billion to acquire MAN's common stock at a price of EUR 95 per share, and to acquire its preferred stock at a price of EUR 59.9 per share.

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