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VW makes formal offer for MAN
German carmaker Volkswagen (VW) formally launched its bid for MAN yesterday, in a move toward creating Europe’s biggest truckmaker. VW aims to raise its stake in MAN to 35-40 per cent of voting rights from just over 30 per cent now, just enough to get regulatory approval for closer cooperation between MAN and Scania without buying the whole company. VW made a deliberately low offer of €95 (£83) per share for MAN yesterday, 1.8 per cent below the current market value of €96.69 per share.