MAN acquisition was cleared hurdle by VW Combination of MAN and Scania

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Shares in MAN rose the most in more than 10 months yesterday after a takeover bid for the German truck maker by Volkswagen (VW) was cleared by the European Commission.

Europe’s biggest car maker obtained EU antitrust approval without the need for asset sales or other remedies because the “merged entity would continue to face strong competition from other well-established manufacturers”, the European Commission said late on Monday.

“Substantial synergies can be realised through a closer co-operation of MAN, Scania and VW in procurement, development and production.”

The combination of MAN and Scania would pass Volvo and Daimler to be Europe’s largest truck maker. MAN and Scania together had 30 percent of the European heavy truck market last year, according to the European Automobile Manufacturers’ Association. Volvo and Daimler each had 21 percent.

Volkswagen backed off plans in June to name its chief executive, chief financial officer and commercial-vehicle division chief to MAN’s supervisory board before gaining approval of the planned merger. The reversal was prompted by guidance from the EU’s executive arm during antitrust talks, VW said at the time.

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