Volkswagen Aktiengesellschaft through its mandatory offer has reached an important milestone on its way towards an integrated commercial vehicles group consisting of MAN, Scania and Volkswagen. MAN shareholders have tendered 35,857,607 ordinary shares and 164,613 preference shares into the offer. Following the required regulatory approvals, Volkswagen will hold 55.90% of the voting rights and 53.71% of the share capital of MAN SE.
With the high acceptance rate Volkswagen Group has conclusively achieved its aim to have a stable majority at future general meetings of MAN. �Volkswagen is more than pleased with the result,� said Prof. Dr. Martin Winterkorn, CEO of Volkswagen Aktiengesellschaft, and added: �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. We will continue to work expeditiously in close coordination with the relevant authorities towards obtaining the required regulatory approvals globally.�
Volkswagen Aktiengesellschaft had made a mandatory offer to all shareholders of MAN SE according to German takeover law to acquire their shares in MAN SE with the offer period running from 31 May until 29 June 2011. The offer price was �95.00 per ordinary share and �59.90 per preference share.
Following receipt of the regulatory approvals and subsequent settlement of the mandatory offer, substantial synergies in the fields of procurement, development and production can be realized through a closer cooperation of MAN, Scania and Volkswagen.
| Volkswagen
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