Volkswagen has opened the way for 200 million euros worth of synergies in its heavy truck business after taking control of MAN.
The deal opens the way for closer cooperation between MAN and Scania, the Swedish truck maker in which VW already holds a controlling stake.
Volkswagen now holds a total of 55.9 per cent of the voting rights in MAN and 53.71 per cent of its share capital.
The companies involved anticipate that synergies amounting to at least 200 million euros a year can be achieved, mostly in the procurement sector.
In the long term, substantial additional potential lies in intensive cooperation in the production sphere, as well as in the field of research and development.
MAN chief executive Georg Pachta-Reyhofen said: “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 cooperation and are taking an open and committed approach to the new partnership.”