Volkswagen increases their share in MAN Trucks from 53 percent to 71 percent
Auto maker Volkswagen wants to strengthen its hold on the auto market and further increase its presence globally. The auto makers exceptional planning, strategizing, marketing,…
Earlier VW held 53.71 % of share capital of MAN SE and now has lifted its stake now owning 71.08% of the total share. With this raise in stake VW will save huge amounts on annual procurement, research, development and production. It is believed VW will save approximately $265 million annually.
VW has made its intent clear about cost synergies in the past and also announced ambitious plans of acquiring higher share stakes to save huge amounts in the long run. An increase of share stake in MAN SE is of strategic importance to VW who face stiff competition from Scania, its Swedish rival.
Mr Martin Winterkorn, Chief Executive, Volkswagen stated, “All options are open to us when it comes to refining the structure of an integrated commercial vehicles group. Volkswagen is more than pleased with the result. 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.”