×

VW Increases Stake in MAN, Hopes to Guide Truck Alliance with Scania

Volkswagen said Tuesday it has increased its stake in German truckmaker MAN to nearly 30%, a move that would give it a better say in guiding the company toward a friendly alliance with Swedish truckmaker Scania.

In a statement, Volkswagen said it had raised its stake in Munich-based MAN from 20% to 29.9%, ensuring its position as the company's biggest stakeholder. Likewise, Volkswagen is also Scania's biggest shareholder.

"The Board of Management of Volkswagen is convinced that this level of participation in MAN is both helpful and adequate to allow all parties to find a friendly and mutually agreeable solution for combining MAN and Scania," the Wolfsburg-based company said. "Realizing the acknowledged high synergy potential remains the objective."

In late January, MAN withdrew a hostile 10.3 billion euros ($13.55 billion) bid for Scania after Volkswagen objected to the move, preferring to pursue a friendly linkup.

The two companies are expected to hold talks later this year about an alliance, but no date has been scheduled.

Shares of Volkswagen fell less than half a percent to 94.55 euros ($124.43) in Frankfurt trading while MAN shares dropped half a percent to 85.35 euros ($112.32).