VW secures majority stake in truckmaker MAN

04/07/11 15:04 CET

corporate

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Volkswagen says it has secured a 56 percent majority voting stake in German lorry maker MAN, moving it towards a merger with VW’s Swedish truck brand Scania to create a rival for two other European heavyweights, Daimler Trucks and Volvo Trucks.

Volkswagen’s stake allows it to determine seats on the supervisory board, a way to accelerate cooperation between MAN and Scania.

“Volkswagen is more than pleased with the result,” Volkswagen Chief Executive Martin Winterkorn said in a statement on Monday. “As a result, our objective of realizing substantial synergies between MAN, Scania and Volkswagen in the interest of all shareholders, employees and customers is moving closer.”

Scania and MAN between them produced 172,000 trucks above six tonnes in weight last year, compared with Daimler’s 274,000 units and Volvo’s 171,000.

More about: Car industry, Germany, Volkswagen

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