GERMANY: VW submits MAN merger application to EU
Volkswagen Group has submitted a formal application to the EU Commission for a merger with the heavy truck group MAN.
The Volkswagen Group said it 'remains confident that the requisite regulatory clearances will be forthcoming in the second half of the year'.
Regulatory authorities across the world have already approved the merger, including those in Germany, USA, Japan, Mexico, Turkey, Israel, Croatia, Albania, Montenegro and Macedonia, VW said .
Volkswagen hopes that the merger will create substantial synergies in the fields of procurement, development and production that can be realised through a closer cooperation of MAN, Scania and Volkswagen.
The aim is to create a consolidated VW heavy truck operation able to rival the Daimler and Volvo truck groups.