With a 55.9% share in MAN, and Scania already part of the mix, VW is now Europe's biggest truck builder. Details inside.
Volkswagen announced today that they have built up a 55.9% share of German truck and heavy diesel engine manufacturer MAN. Volkswagen will have influence on the 253-year-old MAN's supervisory board, making it easier to create a functional partnership with another VW truck builder, Scania.
This will give Volkswagen more ability to compete with the heavy truck manufacturing divisions of Daimler and Volvo.
A spokesman for MAN said that the firm is enthusiastic about the announcement, telling Reuters news wire, "The cooperation with Volkswagen and Scania now enters a new, offensive stage."
"Volkswagen is more than pleased with the result," said VW executive Martin Winterkorn said in a release. "As a result, our objective of realizing substantial synergies between MAN, Scania and Volkswagen in the interest of all shareholders, employees and customers is moving closer."
MAN and Scania's combined output of 172,000 truck units weighing more than six tonnes was just slightly higher than Volvo's output, but still 37% lower than Daimler's.