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Volkswagen AG Seeks Full Control Over MAN SE-Reuters

Wednesday, 9 Jan 2013 01:37pm EST 

Reuters reported that Volkswagen AG said it wished to take full control over the Munich-based truck maker, MAN SE Volkswagen said would now seek a domination and profit and loss transfer agreement, a move to give it full strategic and financial control over MAN, in which it has a 75.03% stake. Based on the closing price on Xetra DAX the remaining shares would cost Volkswagen at least EUR2.96 billion ($3.86 billion). The EUR90 share price in Frankfurt reflects a EUR3.17 billion price tag. A domination and profit transfer agreement requires 75% of shares and gives the acquirer access to the liquidity of the Company it bought. A Volkswagen spokeswoman said that the next step would be an offer to MAN shareholders. NordLB analyst Frank Schwope said he expected Volkswagen to aim for between 95-99% of MAN shares. 35.2 million MAN shares are not owned by Volkswagen. 

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-2.1 -1.25%
15 Aug 2014