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Top MAN shareholder pulls out
Page 8
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MAN'S LARGEST single shareholder has sold its stake in the company for around El bn, initially prompting speculation over the German manufacturer's future.
The sale by of 24.2% of MAN AG by Regina Verwaltungsgesellschaft, a holding company formed by Allianz, Munich Re and Commerzbank , was oversubscribed 1.7 times. Most of the shares were bought by German and British financial institutions.
While the sale initially increased speculation that MAN might be more vulnerable to takeover, in reality there are few potential buyers with the €4bn that would be needed to clinch such a deal. Industry insiders believe the only likely candidates would be Toyota or China's FAW, and there is no indication that either firm is interested at this time.
The deal is believed to have more to do with unravelling the complex web of cross-shareholding throughout the German economy than any reflection on MAN's performance.