Volkswagen Nearly Completely Acquires Mango's Largest Commercial Vehicle Alliance

● The public wants to completely acquire Mann

On April 25, the board of supervisors of Volkswagen and Mann Commercial Vehicles jointly stated that they have approved the signing of the Domination and Profit and Loss Transfer Agreement (DPLTA). Volkswagen will use this agreement to control Mann from both strategic and financial perspectives.

Under the agreement, Volkswagen will also offer € 80.89 per share to acquire uncontrolled Mann shares. By the beginning of 2012, Volkswagen had 55.9% of the voting shares of Mann and 53.71% of its share capital. After holding in April last year, it held 73% of Mann's common shares and 71.08% of its share capital. On June 6, Volkswagen increased its shareholding in Mann again, resulting in an average common stock ratio of 75,03% and a share capital of 73.57%.

In January this year, Volkswagen announced that it will sign the DPLTA agreement with Mann and said that this is a key step in the formation of an integrated commercial vehicle group. Volkswagen has already signed a similar DPLTA agreement with its luxury car business Audi. The amount of 80.89 euros per share was derived from the public quoted price on March 21 last month, when the public did not disclose whether it intended to acquire all the remaining Mann shares, but the "Financial Times" pointed out that the public needs to reach 95% of the shareholding ratio. In order to meet the "Squeeze Out" (merger) requirements.

On the 21st, Mann's closing price on the XETRA stock exchange system in Frankfurt, Germany was EUR 87.10, which meant that there was a discount of approximately 7.1% for the public offer. As the public offer was lower than market expectations, on the 22nd Mann's stock fell 4.3% to 83.40 euros.

● Build the largest commercial vehicle alliance in Europe

Volkswagen is currently seeking to integrate Mann with its two other commercial vehicle businesses, the Volkswagen Commercial Vehicle and Volkswagen's Swedish truck manufacturer Scania. Through integration, Volkswagen can create the largest commercial vehicle alliance in Europe, exceeding Daimler and Volvo Group, and at the same time save at least 200 million euros (about 263 million US dollars) in procurement, production and R&D costs each year.

At present, Volkswagen owns 71.8% of common voting shares of Scania and 49.3% of its share capital. Mann holds 17.4% of the voting ordinary shares of Scania and 13.3% of the share capital.

The above measures will become one of the planning contents for Volkswagen to create a global empire. The plan aims to cover a wide range of fields from automobiles and motorcycles to super running and heavy trucks.

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