As part of the mandatory offer for shares in MAN SE, Volkswagen is currently engaged in constructive discussions with the EU Commission in order to receive merger control clearance for a closer cooperation between MAN, Scania and Volkswagen. The existing antitrust hurdles currently limit the ability to realize substantial synergies among these companies significantly. Therefore Volkswagen aims to overcome these hurdles.
Volkswagen will continue to prepare the merger control application in close cooperation with the authority. We are in productive discussions and are confident to be able to submit the formal application in the coming weeks.
Volkswagen as shareholder of MAN has therefore decided to propose to the AGM the election of Dr. Thomas Kremer and Mr. Ulf Berkenhagen, who are both members of the Supervisory Board of MAN SE to date, as well as Dr. Matthias Bruse. The commercial vehicles business is a very attractive and strategic business field, in which Volkswagen is already extensively engaged today with a significant capital commitment. Volkswagen therefore now aims to pave the way for a closer cooperation between MAN, Scania and Volkswagen and thereby lay the foundations for generating synergies for the benefit of all shareholders. A deeper cooperation between MAN, Scania and Volkswagen provides value upside for all share- and stakeholders of the parties involved.
