MAN bid just one piece of VW's plan
By Maria Sheahan |
May 31, 2011, Tuesday
|
Print Edition
Print Edition
VOLKSWAGEN is set to formalize its approach for truckmaker MAN in the next few days, marking another milestone in the German automaker's bid for global dominance.
The offer is one in a series of ambitious plans Europe's largest carmaker has as it strives to overtake rival Toyota as the world's No. 1 player by 2018.
Earlier this month VW marked the opening of a US$1 billion assembly plant in the United States and it has been powering ahead in China, now the world's largest auto market, but still has progress to make on its alliance with Japanese group Suzuki.
It has also been working to fold sportscar maker Porsche into its business, and chairman Ferdinand Piech has set his sights on Alfa Romeo.
On top of all that, VW wants to combine MAN and Swedish truck maker Scania to build Europe's largest truck maker to rival world leader Daimler.
Analysts are unfazed by VW's ambition, saying the large number of projects means the risk of any one having a major impact on the company's shares in the event of a problem or delay is reduced.
Earlier this month, VW announced plans to make a low cash bid of 95 euros (US$135.7) per share to buy out MAN, valuing the company at 13.8 billion euros, after its stake rose above 30 percent.
If the offer sparks little investor interest, under German rules VW will be allowed to buy shares in the market and get regulatory approval for closer cooperation between MAN and Scania, in which it has a 45 percent stake.
Laura Lembke, an analyst with Morgan Stanley said VW might content itself with 40 percent of MAN.
The offer is one in a series of ambitious plans Europe's largest carmaker has as it strives to overtake rival Toyota as the world's No. 1 player by 2018.
Earlier this month VW marked the opening of a US$1 billion assembly plant in the United States and it has been powering ahead in China, now the world's largest auto market, but still has progress to make on its alliance with Japanese group Suzuki.
It has also been working to fold sportscar maker Porsche into its business, and chairman Ferdinand Piech has set his sights on Alfa Romeo.
On top of all that, VW wants to combine MAN and Swedish truck maker Scania to build Europe's largest truck maker to rival world leader Daimler.
Analysts are unfazed by VW's ambition, saying the large number of projects means the risk of any one having a major impact on the company's shares in the event of a problem or delay is reduced.
Earlier this month, VW announced plans to make a low cash bid of 95 euros (US$135.7) per share to buy out MAN, valuing the company at 13.8 billion euros, after its stake rose above 30 percent.
If the offer sparks little investor interest, under German rules VW will be allowed to buy shares in the market and get regulatory approval for closer cooperation between MAN and Scania, in which it has a 45 percent stake.
Laura Lembke, an analyst with Morgan Stanley said VW might content itself with 40 percent of MAN.
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