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.
- 1 Avengers: Age of Ultron: Nearly 700 German cinemas refuse to show movie
- 2 Donald Trump decides that Baltimore riots are Barack Obama's fault
- 3 X Factor in crisis as numbers of people auditioning plummets
- 4 General Election 2015: Stephen Hawking says he will vote Labour
- 5 Baltimore riots: Furious mother marches her son home live on TV
Bali Nine executions live: Indonesian firing squad shoots dead eight drug offenders despite outcry around world, but a ninth is spared
Keith Harris dead: Orville the Duck ventriloquist dies aged 67 following battle with cancer
The four utterly contradictory polls that tell the story of this election and why it is pointless trying to predict the outcome
Donald Trump decides that Baltimore riots are Barack Obama's fault
General Election 2015: Prospect of Labour-SNP coalition makes one in four voters less likely to support Ed Miliband, says survey
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
EU exit would hit UK economy much harder than neighbouring countries, study finds
Andrew Lloyd Webber: Phantom of the Opera writer mocked after issuing a warning about Ed Miliband and Nicola Sturgeon
General election 2015: Labour will toughen hate crimes legislation surrounding Islamophobia
iJobs Money & Business
£30000 - £38000 per annum: Recruitment Genius: They are a financial services c...
£Basic (OTE) + Uncapped Commission: Guru Careers: A Stockbroker (qualified / p...
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...