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Volkswagen To Boost Up High Percent In MAN!
It is said that Volkswagen Chairman Ferdinand Piech is pushing MAN and Scania to decrease spending as he pursues a merger with Porsche and seeks to surpass Toyota Motor Corp as the world"s biggest automaker by the year 2018. Further, Volkswagen"s increased stake may facilitate the companies to get regulatory approval to share business information with one another and work more closely together.
VW CFO Hans Dieter Poetsch said that VW that had held 29.9 per cent of MAN"s voting rights, sees cost decrease of about euro 1 billion for an integrated company completely sharing research and development activities. Also, VW targets for MAN holding of 35 per cent to 40 per cent to provide it a stable majority at annual meetings and estimates reaching that level may cost as much as euro 1.5 billion. And the car maker will be able to purchase the shares it requires on the open market after making the mandatory bid if enough investors don"t tender their shares at the offer price.
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