Volkswagen acquires 15% stake in MAN AG

Volkswagen acquires 15% stake in MAN AG

German automotive giant Volkswagen has confirmed that they are acquiring a 15% stake in German truck maker MAN AG.

This would help their goal of creating a three-way truck alliance between VW, MAN and Swedish rival Scania.

Volkswagen also happens to be the largest stakeholder in Scania. It said: “In principle, there is a high degree of potential for synergies between MAN and Scania. In order to realize these quickly, it is essential that the two management teams work in a cooperative environment. In our opinion a hostile takeover does not encourage this.”

MAN responded by saying that they welcome the automotive giant as a strategic investor and viewed the purchase as a positive move in connection with its Scania bid.