German automotive and defence group Rheinmetall plans to buy a 51% stake in the military unit of truck maker MAN, Financial Times Deutschland reported.
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According to sector sources, MAN’s supervisory board has already approved the deal. The two firms are currently discussing the details on their future Munich-based joint company, under the working title of MAN-Rheinmetall Military Vehicle.
The talks between the two companies about a joint venture in the defence business had become public knowledge this spring. Spokesmen for both MAN and Rheinmetall confirmed earlier this week the talks were promising. The partners said they expected the negotiations to be closed by the end of the year.
No further details were given. MAN said it was still too early to speculate whether the joint venture would be a Societas Europaea (SE), that is a European company.
