REUTERS
Volkswagen takes over MAN’s transmission and marine diesel divisions
The Munich-based truck manufacturer MAN is giving its traditional transmission and marine diesel lines for about two billion euros to the parent company Volkswagen Show stock market chart from. The spin-off of Augsburg-based Renk AG and generator manufacturer MAN Energy Solutions from the commercial vehicle business are the prerequisites for the IPO of the VW truck and bus division Traton.
Because only the truck brands MAN and Scania are supposed to do this Show stock market chart but not the peripheral areas of MAN, which have nothing to do with the core business. Volkswagen remunerated for the participation of 76 percent in the transmission manufacturer Renk and MAN Energy Solutions between 1.85 and 2.05 billion euros to Munich, as MAN announced on Thursday evening. The US subsidiary of MAN Energy Solutions is docked for almost $ 100 million to an American VW subsidiary.
Traton CEO Andreas Renschler wanted to transfer MAN as a pure truck manufacturer into his holding company, which will be listed on the stock market in the spring. How this was done, however, was open. Now, the approximately 14,500 employees in the construction of power plant turbines and diesel engines for ships and the 2,300 Renk employees are certain that they will be part of Volkswagen until further notice – even if they are not part of their core business there. Renk and MAN Energy Solutions (formerly B & W Diesel) are part of the tradition of the 250-year-old MAN Group, which also built presses (MAN Roland), built industrial plants and traded steel until well into the 2000s.
The purchase price that Volkswagen pays to MAN corresponds to the book value at which the subsidiaries are included in the balance sheet of the truck farmer at the end of the year, MAN said. An unscheduled profit does not arise. The reclassification is expected to be completed this year. Until then, thanks to a domination agreement, all of MAN’s profits will flow entirely to the majority shareholder Volkswagen. Around 24 percent of MAN are still in free float. VW wants to move as many small shareholders with a takeover offer even before the initial public offering of Traton to exit from MAN.
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By the end of the year, Traton will finally be ready for the stock market. The IPO is intended to make the Volkswagen Group, which is deeply involved in the diesel affair, easier to control. The preparations for the emission, which according to the ideas of Renschler will cost more than six billion euros, are already running. However, Volkswagen makes the timing dependent on the stock market environment. The earliest possible date is the weeks before Easter 2019. With MAN, Renk and Audi, three VW Group companies are listed, just like VW’s major shareholder Porsche SE Show stock market chart ,
RTR / dpa-AFX / akn