VW Seeks to Acquire Remainder of MAN

Volkswagen AG says it intends to buy the 26.3% of German truckmaker MAN AG that it doesn't already own.

Those shares are worth about €3.2 billion based on Tuesday's market closing. Pricing of the buyout offer will be part of VW's takeover negotiations with MAN.

VW already controls MAN via its 75% voting stake. But acquiring all or nearly all the company's equity would allow VW to fully integrate MAN into its commercial truck unit. The German carmaker also would add MAN's 17.4% stake in Swedish truckmaker Scania to its own 71.8% holding.

VW has been trying for seven years to engineer a three-way merger that to cut costs and create an entity that would surpass Daimler as Europe's largest maker of heavy-duty trucks.