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VW buys a piece of MAN
Page 12
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Synergy between MAN and Scania
is among the reasons behind VVV's move Dylan Gray reports.
VOLKSWAGEN HAS snapped up a 15.06% stake in MAN — but insists it has no plans for a takeover.
MAN now says it will drop its recently launched €9.6m hostile takeover bid for Scania if its conditions are met through VW's involvement.
Talks will explore the synergy potential between MAN and Scania, both of which could benefit with new market value from VW's Brazil-based truck business. Scania and MAN might also revisit their components swap deal, which fell through earlier this year.
An integration of MAN and Scania would give both firms the opportunity to expand into new markets, plus the option of offering VW's van range.
If talks fail VW, the largest shareholder in both,would support a hostile bid by either company — or the formation of a third joint venture.
Thomas Cullen from analysts Transport Intelligence believes the long-term plan is to set up a joint company between the three manufacturers, probably with VW in charge.
He explains: "It is an opportunity forVW to hand off their unwanted Latin American operation, while at the same time gaining a stake in a profitable business with access to the Far East markets."