Bloomberg Businessweek
Volkswagen AG revs up heavy truck push after seven years in neutral
Edited by : AL CIRCLE
1 min read
Volkswagen AG will look to jump-start a stalled seven-year effort to forge Europe’s biggest truckmaker tomorrow when it gains full control of struggling MAN SE. (MAN)
So far, VW has little to show for the 15 billion euros ($20 billion) of shares it holds in MAN and Sweden’s Scania AB. (SCVB) A vote at MAN’s shareholder meeting tomorrow will hasten cooperation between the companies by eliminating the need for arm’s length negotiations between VW and the German truckmaker.
As part of VW’s push to leapfrog Daimler AG (DAI) and Volvo AB (VOLVB) to become Europe’s biggest truck producer, Chairman Ferdinand Piech is taking a more active role in MAN. The outcome of the vote in Munich is a formality since VW controls more than 75 percent of MAN’s stock.
Slumping demand for new trucks in Europe and ill-fated business decisions by the truck manufacturer have added urgency to VW’s efforts to more closely link MAN, Scania and its own commercial-vehicle operations.
So far, VW has little to show for the 15 billion euros ($20 billion) of shares it holds in MAN and Sweden’s Scania AB. (SCVB) A vote at MAN’s shareholder meeting tomorrow will hasten cooperation between the companies by eliminating the need for arm’s length negotiations between VW and the German truckmaker.
As part of VW’s push to leapfrog Daimler AG (DAI) and Volvo AB (VOLVB) to become Europe’s biggest truck producer, Chairman Ferdinand Piech is taking a more active role in MAN. The outcome of the vote in Munich is a formality since VW controls more than 75 percent of MAN’s stock.
Slumping demand for new trucks in Europe and ill-fated business decisions by the truck manufacturer have added urgency to VW’s efforts to more closely link MAN, Scania and its own commercial-vehicle operations.
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