VW increase stake at MAN, Piech plot to Oust Samuelsson
Volkswagen AG-Europe's largest automaker and producer of quality auto parts like the popular VW air filter -- has announced that it has already increased its stakes in German truckmaker MAN AG to nearly 30 percent. This would give Europe's largest automaker with the privilege to better guide the company toward friendly alliance with the Swedish truckmaker Scania AB.
In an official statement released by Volkswagen it has stated that it had raised its shares in the Munich-based MAN from 20 percent to 29.9 percent. Such amount of stakes is enough to ensure VW's position as MAN's biggest stakeholder. It should be noted also that Volkswagen is at the same time the biggest shareholder of Scania.
The 30 percent stake of Volkswagen in MAN under the German law would trigger a mandatory takeover bid. Volkswagen did not say if it would increase further its stake or if it would bid for a mandatory takeover bid for MAN. "The Board of Management of Volkswagen is convinced that this level of participation in MAN is both helpful and adequate to allow all parties to find a friendly and mutually agreeable solution for combining MAN and Scania. Realizing the acknowledged high synergy potential remains the objective." explained the Europe's largest automaker.
Piech Leads a Plot to oust MAN's Boss...Looks familiar?
But lately there are reports coming out (reported by Die Welt) that Volkswagen supervisory board Chief Ferdinand Piech together with the labor representatives from both VW and MAN are planning to overthrow MAN chairperson Haakan Samuelsson. This is because Piech sees Samuelsson as a hindrance to his plan to create a three-way tie up between the heavy trucks VW, MAN and its Swedish rival Scania-where VW also owns the majority number of stakes.
Piech plans to place in position an ally so that he could pushed through with his plans. And in order to achieve this, Piech needs to become the supervisory board chief at MAN. He has already taken the initial step when VW has increased its stakes in MAN AG to 29.9 percent but still he needs the support of labor representatives to successfully carry out his plan.
There are already informal talks and meetings reported to have transpired between Piech and the heads of the works councils of both VW and MAN particularly with Bernd Osterloh and Juergen Dorn. Unfortunately both VW and MAN refuse to comment on the subject.
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