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Volkswagen Group acquires shares in MAN SE

The deal has been given approval by the EU Commission.

28 September 2011

The Volkswagen Group has been given permission from the European Union (EU) Commission to complete its takeover of MAN SE.

Earlier in the year the former agreed a deal to acquire a 56 per cent stake in the latter, but this was then referred to the EU Commission.

The decision to allow the move to go ahead was described as a "further important milestone on its way towards an integrated commercial vehicles group" by the car manufacturer.

It expects any remaining "outstanding completion conditions" will be tied up in the next couple of weeks.

The group is now looking forward to better integrating MAN, Scania and Volkswagen.

It has also been revealed by the EU Commission that after seeking counsel from Volkswagen's competitors, it decided that the agreement would not stifle competition in the truck market.

As well as this, the vast majority of rivals were happy with the development.

Posted by Ron Maverick

Source: Volkswagen Group press release, September 26th

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