FRANKFURT (Reuters) - German auto maker Volkswagen
VW's legacy trucks unit MAN SE
The purchase price for the deals would correspond to the expected equity book value of the holdings at the end of this calendar year, estimated to be between 1.85 and 2.05 billion euros ($2.1-$2.3 billion).
In addition, MAN SE's 100 percent indirect ownership of MAN Energy Solutions USA, Inc., will be sold and transferred to a subsidiary of VW for a purchase price of around $99 million. The sale is expected to be completed by the end of 2018.
"As a result of this transaction, Traton AG will become the lead company of a pure truck and bus group," MAN said in the statement.
VW is close to hiring Citigroup
A domination and profit transfer agreement between VW and MAN will expire at the end of the year, meaning that the Wolfsburg-based auto maker would profit from any revaluation if the deals close before then.
($1 = 0.8794 euros)
(Reporting by Douglas Busvine; Editing by Elaine Hardcastle)