Describing it as “the next step on the way to the integrated commercial vehicles group under Volkswagen’s roof”, the group said it had increased its share of the voting rights in MAN SE from 73.76% to 75.03% on 6 June.
“This marks a further important milestone for achieving our joint goals in the commercial vehicles business as elsewhere through close cooperation”, VW CEO Martin Winterkorn said in a statement.
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“We will be following our chosen route with the utmost consistency. That is essential for the competitiveness and future viability of MAN, Scania and Volkswagen,” Winterkorn added.
He said MAN would retain its operational autonomy and identity while MAN Power Engineering would remain “a solid part of MAN”.
Volkswagen earlier announced an extensive structural and management realignment including the further structuring of the commercial vehicles unit.
“MAN and Scania can raise their profitability further through closer cooperation. As the largest shareholder of both companies, Volkswagen, along with all outside shareholders of MAN and Scania, will benefit from the associated growth in value. At the same time Volkswagen is keeping all options open to further shape an integrated commercial vehicles group going forward,” the automaker said.
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