PRZOOM - /newswire/ -
Munich, Bavaria, Germany, 2018/10/25 - Volkswagen AG and TRATON AG with consent of their respective corporate bodies today have agreed on the sale of the 76% stake of MAN SE - MAN.eu.
In the context of achieving capital market readiness of TRATON AG, Volkswagen AG and TRATON AG with consent of their respective corporate bodies today have agreed on the sale of the 76% stake of MAN SE in listed Renk Aktiengesellschaft and the 100% stake of MAN SE in MAN Energy Solutions SE to a subsidiary of Volkswagen AG.
The purchase price will correspond to the expected IFRS equity book value of these participations as of 31 December 2018 in the amount of approx. €1.85 billion to approx. €2.05 billion.
In addition, the indirect 100% participation of MAN SE in MAN Energy Solutions USA, Inc., will be sold and transferred to a subsidiary of Volkswagen AG for a purchase price of approx. USD 99 million.
The transferred entities form MAN group’s business area Power Engineering. The sale is intended to be completed by year-end 2018. As a result of this transaction, TRATON AG will become the lead company of a pure truck & bus group.
The Executive Board
The MAN Group (man.eu) is one of Europe's leading commercial vehicle and mechanical engineering groups. MAN is a supplier of trucks, buses, vans, diesel engines, turbomachinery and special gear units and focuses on activities in the areas of transportation and energy - market segments that offer long-term, global opportunities. MAN’s business activities are grouped into two business areas: Commercial Vehicles, comprising MAN Truck & Bus and MAN Latin America, and Power Engineering, featuring MAN Energy Solutions (formerly MAN Diesel & Turbo) and Renk.
MAN’s divisions hold leading positions in their markets. With a headcount of 54,297 employees, the Group operates in more than 180 countries. In the 2017 reporting period, the MAN Group generated sales revenue of €14.3 billion.
MAN can look back on a corporate history of more than 250 years.