Agency / Source: MAN Group

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MAN SE - Power Engineering Business of MAN SE to Be Sold to A Subsidiary of Volkswagen 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 - MAN.eu
MAN SE - Power Engineering Business of MAN SE to Be Sold to A Subsidiary of Volkswagen AG

 

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.

   
 
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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.

 
 
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Agency / Source: MAN Group

 
 

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MAN SE - Power Engineering Business of MAN SE to Be Sold to A Subsidiary of Volkswagen AG

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Volkswagen AG | MAN SE
Contact: Sacha Klingner - MAN.eu 
+49 89 36098-111 presse[.]man.eu
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any MAN Group securities in any jurisdiction including any other companies listed or named in this release.

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