Volkswagen Group increases its share of voting rights in MAN SE to 75.03 percent
The next step has been taken on the way to the integrated commercial vehicles group under Volkswagen’s roof. The Group announced in Wolfsburg on Tuesday that Volkswagen is increasing its share of the voting rights in MAN SE from 73.76 percent to 75.03 percent with effect from June 6, 2012. “This marks a further important milestone for achieving our joint goals in the commercial vehicles business as elsewhere through close cooperation”, Volkswagen Aktiengesellschaft’s CEO Prof. Dr. Martin Winterkorn said.
Volkswagen will be putting every effort into leveraging synergies and substantial growth potential in the commercial vehicles business, which has become the second strong pillar for the Group in recent years. “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 said. He added that MAN would retain its operational autonomy and identity, and that MAN Power Engineering would remain a solid part of MAN.
Last weekend Volkswagen announced a fundamental reorganization of the Group. Europe’s largest automaker is giving its Strategy 2018 extra momentum with an extensive structural and management realignment. This includes the further structuring of the “Commercial Vehicles” function. 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.