March 5, 2008 / 2:59 PM / 12 years ago

Volkswagen plans full MAN takeover in '08 -magazine

GENEVA (Reuters) - Volkswagen plans the full acquisition of Germany’s MAN (MANG.DE) this year, but does not plan to break up the diversified industrial group in order to keep just its truckmaking business, WirtschaftsWoche reported on Wednesday citing a source or sources on VW’s management board.

A spokeswoman for the company said that a takeover of MAN was not on the agenda.

In an interview the German weekly business magazine also held with Volkswagen chief Martin Winterkorn, the carmaker’s top executive told WirtschaftsWoche it was looking at further targets after agreeing on Monday to take over majority control of Swedish truckmaker Scania SCVb.ST.

When asked whether the shopping spree was over with the Scania deal, Winterkorn replied: “No, it will go on.”

He added that this was especially true for the commercial vehicles industry.

Volkswagen, MAN’s largest shareholder, would have to launch a mandatory takeover offer according to German law should it go over its 30 percent stake.

Reporting by Christiaan Hetzner

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