Volkswagen has increased its shareholding in German bus and truck maker MAN SE. While the quantum is small, from a previous 73.76% to just over 75%, VW can now ask shareholders to approve a domination agreement, which would give it full strategic and financial control over MAN.
“Volkswagen is keeping all options open to further shape an integrated commercial vehicles group going forward,” the Wolfsburg-based carmaker said in a statement. VW already controls Swedish truck maker Scania.
The announcement comes only days after VW CEO Martin Winterkorn announced a vigorous shake up in his management team, appointing the head of VW trucks unit Scania to VW’s management board responsible for commercial vehicles. “This marks a further important milestone for achieving our joint goals in the commercial vehicles business as elsewhere through close cooperation,” Winterkorn said then.