Frankfurt (AFP) - Volkswagen, the biggest European car manufacturer, said Monday that it now owns 55.9% of the voting rights to the manufacturer of heavy trucks MAN, paving the way for a docking with Scania's Sweden.
VW wants to merge the two companies with its own heavy vehicle activities to create a rival to two other heavy European, Daimler Trucks and Volvo Trucks.
VW had offered 95.00 EUR ($ 138.51) for 59.90 euros for the preferred shares in man, which is also the engine diesel and industrial turbines and shares.
It therefore paid a little more than 3.4 billion euros for the former 35,857,607 and 164,613 of the latter, according to a statement of VW.
"Volkswagen is more than satisfied with the outcome," the statement quoted VW Chief Executive Martin Winterkorn ad saying.
"Therefore, our objective to achieve significant synergies between man, Scania and Volkswagen in the interest of all shareholders, employees and customers closer," he added.
VW would now work hard to obtain the global regulator necessary approvals for a closer cooperation of the man, Scania and Volkswagen", said the group.
VW had recently adopted the threshold to have 30 per cent of the human, which means that under German law, it had to make an offer for all the outstanding shares of the company.
The automaker also has of 70.94% of the vote in Scania, while the man has another 17.4%.
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