A Munich court has rejected a complaint from the Society for the Protection of Shareholders (Schutzgemeinschaft der Kapitalanleger (SdK)), about the election of Volkswagen representatives onto the MAN supervisory board.
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The SdK had complained that the election of Volkswagen supervisory board chief, Ferdinand Piech, and head of Volkswagen commercial vehicles, Stephan Schaller, represented a conflict of interest, as Volkswagen had been trying to influence a merger of MAN and Scania. Volkswagen owns 30% of MAN shares.
Merger talks are on-going. At the weekend MAN chief Hakan Samuelsson said that the parties are still working towards a solution that is acceptable to all. He said there is no time pressure, but he told Die Welt newspaper that MAN is not big enough to compete on the global truck market alone. “The aim is to grow quickly,” he said. This is why he is interested in partnering with Scania.
Samuelsson also said that MAN is considering diversifying into new areas such as biofuels and solar power.
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