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Volkswagen is ready to launch a full takeover bid for German truckmaker MAN, according to the Sueddeutsche Zeitung newspaper citing an unidentified company executive.

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Volkswagen Chairman Ferdinand Piech, who is also the chairman of MAN, has previously hinted that the truckmaker, in which VW has an almost 30% stake, is a target as he looks to revive plans for a three-way truck alliance with Swedish unit Scania .


VW, already Europe’s biggest carmaker, has already acquired a 49.9% stake in the sports car business of Porsche and a deal unveiled last week that would give it a 20% stake in Japan’s Suzuki Motor .


MAN owns a 17.4% voting stake in Scania after an abortive takeover bid it launched in 2006. VW now has a voting stake of around 71% in the Swedish truckmaker.


Volkswagen and MAN declined to comment on the newspaper report.

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Analysts have told the Reuters news agency that there is a good chance that VW will complete a takeover of MAN by June next year. Before that date it would still be possible to acquire more shares in MAN and pay for them by swapping VW’s own shares in Scania.


“Up until June, MAN has an authorised capital of up to 50% which makes it possible to transfer the Scania stake (held by VW) to MAN against new MAN shares.


This would allow a merger of MAN and Scania by simply getting approval from the supervisory boards and need not go through the expensive process of calling for extraordinary shareholders meetings.


It would also mean VW would have to make a mandatory offer for the shares it does not hold in MAN.


The departure of three top MAN executives this month has fuelled speculation that the truckmaker might be pressured by VW to bid for Scania