Transportation Industry
Volkswagen Buys 15.1% Piece of MAN In Move to Block Takeover of Scania
Transport Topics, October, 2006 by van Loon, Jeremy
Volkswagen AG bought a 15.1% stake in MAN, moving to block MAN's attempted takeover of Swedish competitor Scania AB.
The $1.9 billion stock purchase comes more than two weeks after Germany-based Volkswagen, Europe's biggest carmaker, refused to sell its 34% stake in Scania to MAN.
Bernd Pischetsrieder, Volkswagens chief executive officer, said he wants to combine MAN with Scania, Europe's sixth-largest truck maker, to overtake Daimler-Chrysler AG and Volvo AB as the region s biggest makers of heavy-duty trucks.
"A merger between MAN and Scania makes sense and VW has put itself in a strong position to participate in the negotiations," said Tim Albrecht, a fund manager at DWS Investment in Germany. Albrecht manages investments worth about 500 million euros (about...
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