VW To Fold MAN, Scania Into Trucks Unit
(chinatrucks.com, Dec.7, 2009)Volkswagen (VOW.XE, VLKAY) plans to lift its stake in MAN SE (MAN.XE, MAGOY) to above 50% and fold the truck maker into a new commercial-vehicles group at VW, German magazine Wirtschaftswoche reported, citing people familiar with the matter, Reuters reported.
The new structure of the trucks businesses should be drawn up before 2011, the year VW planned to hammer out its tie-up with Porsche SE, the business weekly cited the people as saying in an excerpt of an article to be published on Monday. The news comes amid a separate report that MAN is bracing for a prolonged downturn in the truck market.
VW finance chief Hans Dieter Poetsch would be put in charge of the truck integration and eventually of running the new division, the report said. The group would also include Scania, in which VW holds a 71% voting stake.
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