Volkswagen launches takeover bid for truck maker Man
Volkswagen has raised its stake in the truck maker Man to more than 30 per cent, triggering a mandatory takeover offer for the whole company under German law.
The German car maker has long wanted to create Europe's biggest truck maker by combining Scania, which it has a controlling stake in, with Man, in order to compete with world leader Daimler and No 2 Volvo, but it has been hampered by anti-trust issues and resistance from Scania.
But it is only offering €95 a share – less than the closing price on Friday – valuing Man at about €14bn. Its low offer is seen as unlikely to spark great investor interest, mirroring a method recently used by Spanish construction group ACS in its takeover of German rival Hochtief.
If few investors accept the offer, German takeover rules will allow VW to gradually buy shares in the market and get regulatory approval allowing closer co-operation between Man and Scania.
Undertaker dead hoax: WWE wrestler not 'found dead in home' as Facebook and Twitter reports
Malaysia Airlines MH370 co-pilot's phone 'was on and made contact with network tower' 30 minutes after plane turned around
Oscar Pistorius trial: Reeva Steenkamp told athlete she 'loved him' for first time in Valentine's Day card
Total lunar eclipse 2014: Where can I see the blood moon? Live-streaming and more
Lunar eclipse 2014: Images of last night's spectacular 'blood moon'
David Cameron: 'Jesus invented the Big Society – I'm just continuing God's work'
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage on Have I Got News For You: Ukip leader ridiculed over expenses and party 'fruitcakes'
Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
Ukip and Nigel Farage on the up over Maria Miller furore and 'Sexminster' culture
- 1 Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
- 2 Naked yoga: the bare truth - it's already big in the US, and has now landed here
- 3 24 people applied for the 'world's toughest job', here are their interviews
- 4 What's in the safe? Man live-photographs cracking of mysterious locked box on Reddit
- 5 Drugs giant GlaxoSmithKline bribed doctors to boost sales, says whistleblower
iJobs Money & Business
£40000 - £50000 per annum + BONUS + BENEFITS: Harrington Starr: A leading, Cit...
£35000 - £50000 per annum + Bonus + Benefits: Pro-Recruitment Group: You must ...
£45000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: Corporate Acti...
£350 - £400 per day: Harrington Starr: An opportunity has arisen at a FCA regu...