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VW Tightens Grip on Truckmaker MAN
Shareholders of MAN AG have approved a profit transfer and domination agreement that will give Volkswagen AG greater control of the Munich-based truckmaker.
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Shareholders of MAN AG have approved a profit transfer and domination agreement that will give Volkswagen AG greater control of the Munich-based truckmaker.
The vote at MAN's shareholder meeting was never in doubt; VW owns 75.1% of the company's shares. The new accord eliminates the need for arms-length transactions between the two companies and gives VW access to MAN's cash.
The domination agreement brings VW closer to its seven-year-old goal of merging its truck operations with those of MAN and Sweden's Scania AB to create Europe's largest maker of heavy-duty trucks. VW and MAN own a combined 89.2% of Scania.
German law requires VW to offer to buy out remaining MAN shareholders. VW is offering investors €80.89 ($106.31) per share, 7% below MAN's previous day's closing price. Stockholders who choose not to sell are guaranteed an annual dividend of €3.07 ($4.03) per share.
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