VOLKSWAGEN RECEIVES APPROVAL FROM CHINESE COMPETITION AUTHORITIES TO INCREASE ITS SHAREHOLDING IN MAN
All completion conditions for acquiring the majority shareholding have therefore been fulfilled
Wolfsburg, November 03, 2011: The Volkswagen Group has realised a further decisive step on its way towards an integrated commercial vehicles group consisting of MAN, Scania and Volkswagen: The Chinese competition authorities have approved the increase of the stake of Volkswagen AG in MAN SE by way of the mandatory offer. This was announced by Volkswagen Group in Wolfsburg on Thursday.
Approval by the Chinese competition authorities marks the completion of all regulatory clearances necessary for settlement. Settlement of the mandatory offer and the associated majority acquisition in MAN SE is expected for November 09, 2011.
Following settlement of the mandatory offer, Volkswagen will hold a total of 55.90 per cent of the voting rights and 53.71 per cent of the share capital of MAN SE. Through a closer cooperation of MAN, Scania and Volkswagen in the fields of procurement, development and production substantial synergies can be realised.
This announcement includes forward-looking statements about Volkswagen Group and MAN Group. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.
Volkswagen Aktiengesellschaft cautions you that forward-looking statements are not guarantees of the occurrence of such future events or of future performance and that in particular the actual results of operations, financial condition and liquidity, the development of the industry in which Volkswagen Group and MAN Group operate and the outcome or impact of the acquisition on Volkswagen Group and/or MAN Group may differ materially from those made in or suggested by the forward-looking statements contained in this announcement.
Any forward-looking statements speak only as at the date of this announcement. Except as required by applicable law, Volkswagen Aktiengesellschaft does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.