Volkswagen seeks control over MAN
Volkswagen seeks control over MAN. VW at present holds 75.03 percent of voting rights in MAN. The Group comprises of Audi, Seat, Bugatti, Bentley, and Skoda among others.
The bid was to create an integrated commercial vehicle group to add to the Volkswagen empire which as on date includes motorcycles, cars and trucks. In November, VW raised €2.5 billion to strengthen its balance sheet following purchase of Ducati and Porsche sports cars. The company already boasts of Audi in the luxury brand category, and currently has 12 brands under its name which include Seat, Bugatti, Bentley and Skoda.
Volkswagen has set their sights on MAN of which the company is expected to acquire between 95 to 99 percent of shares. 35.2 million MAN shares are not owned by Volkswagen even as the Chairman of Volkswagen, Ferdinand Piech forges ahead to accelerate cooperation between the two companies.