Volkswagen has stated that the company was in process of gaining financial and strategic control over German truck maker – MAN. Volkswagen currently holds 75.03 percent of voting rights in MAN and was seeking full control over the Munich based truck manufacturer. The purchase of remaining shares will entail an investment of €2.96 billion ($3.86 billion).
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.