Sunday 23rd Oct 2016 - Logistics Manager

MAN rejects Volkswagen takeover bid

The executive and supervisory boards of MAN have recommended that its shareholders reject the mandatory public takeover bid put forward by Volkswagen, as they consider the price offered is too low.

The boards reckon that the offer prices of 95 euros per MAN ordinary share and 59.90 Euros per MAN preference share do not fairly reflect the value of MAN, or the profit potential of future collaboration.

MAN insists that it is still in favour of a closer relationship between MAN, Scania, and Volkswagen. 

MAN says collaboration could afford efficiencies especially in procurement, and in the longer term also in development and production. But it reckons it has not been possible to leverage these synergies so far due to antitrust restrictions.