Volkswagen’s majority takeover of MAN has been completed, after overcoming its final hurdle: Chinese competition authorities cleared the deal on 3 November.
VW how holds 55.9% of the voting rights in MAN and 33.7% of its share capital.
In a statement issued to the German stock exchange, MAN states: “This clears the way for close co-operation between MAN, Volkswagen, and Scania.”
This co-operation “is aimed at sustaining the growth path pursued by the Munich-based vehicle and engineering specialist and promoting ongoing expansion of its position as one of the world´s leading transport-related engineering enterprises. Together, the companies will create one of the world´s leading suppliers of commercial vehicles.”
Georg Pachta-Reyhofen, chief executive officer of MAN, says: “Today we are opening up a new chapter in the 253-year history of the company, which is set to continue. At the same time, we shall retain our special MAN identity marked by innovation, the art of engineering and international positioning.
"The success achieved by MAN, Volkswagen and Scania is based on identical values. We are therefore all convinced of the industrial logic behind close co-operation and are taking an open and committed approach to the new partnership.”
The trio expects to achieve synergy savings of at least €200m (£170.6m) per annum, mostly through procurement. In the long term, “substantial additional potential lies in intensive co-operation in the production sphere, as well as in the field of research and development”.
MAN states that VW is not planning any personnel cuts as part of the integration. MAN’s HQ will remain in Munich, and its brand independence will be preserved.
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