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The Week in Germany: Business and Technology October 6, 2006 VW Acquires New Stake in MAN Europe's biggest carmaker Volkswagen AG has acquired a 15.06 percent stake in German truckmaker MAN AG, VW announced on Thursday, as the battle between the two companies over Sweden's Scania AB intensified. But in announcing the move, Volkswagen insisted that it had no plans to mount a full takeover bid for MAN, which has launched a hostile €9.6 billion ($12.3 billion) offer for its Scania rival, dpa reported. "A complete takeover is not intended," said Volkswagen with the acquisition of the stake representing the latest round in the fight between VW and MAN over Scania's future. VW, which has a controlling 34 percent voting stake in Scania, is opposed to MAN's Scania bid and has proposed a new three-way merger plan including Scania, MAN and VW's own Brazilian truck business. Based in the northern German city of Wolfsburg, VW said that the acquisition
of the holding in MAN represented a step towards finding a friendly and
common solution "to ensure the maximum synergies".
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