Volkswagen clinches key stake in truckmaker MAN

VOLKSWAGEN clinched a 55.9 per cent stake in Munich-based truckmaker MAN yesterday, clearing the way for the carmaker to start building its European truck empire.

Volkswagen’s majority stake allows it to determine seats on the supervisory board, a way to accelerate cooperation between MAN and VW’s Swedish brand Scania.

“Volkswagen is more than pleased with the result,” Volkswagen chief executive Martin Winterkorn said.

VW’s influential chairman Ferdinand Piech has been itching to create Europe’s biggest truckmaker to compete with rivals such as Volvo and Daimler and expand the reach of Volkswagen’s sphere.