MAN approval for VW offer

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MAN shareholders have approved Volkswagen’s mandatory offer, against the advice of MAN’s executive and supervisory boards.

The shareholders have tendered 35,857,607 ordinary shares and 164,613 preference shares into the offer, which would give Volkswagen 55.90 per cent of the voting rights and 53.71 per cent of the share capital of MAN.

Volkswagen made the offer to all MAN shareholders to acquire their shares at 95.00 euros per ordinary share and 59.90 euros per preference share. In June MAN’s boards recommended that its shareholders reject the bid on the grounds that the price offered was too low.

Professor Dr Martin Winterkorn, chief executive officer of Volkswagen, said: “Our objective of realising substantial synergies between MAN, Scania and Volkswagen in the interest of all shareholders, employees and customers is moving closer. We will continue to work expeditiously in close co-ordination with the relevant authorities towards obtaining the required regulatory approvals globally.”

Volkswagen plans to form an integrated commercial vehicles group consisting of MAN, Scania and Volkswagen in order to streamline procurement, development and production.

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