MAN is now officially part of the Volkswagen empire. MAN stockholders approved a profit and loss transfer agreement that “ends MAN’s autonomy,” as Automobilwoche [sub] reports.
A bit kinkily, that agreement is called a “domination” agreement in Germany. It defines a corporate power exchange.
Getting the necessary votes was easy. Volkswagen owns more than 75 percent of MAN. In the end, 98 percent of the shares voted “Ja.” Apart from trucks, MAN builds big diesel engines for ships and power plants. The company may not look like much to the untrained eye, but “after Volkswagen passenger cars and Audi, MAN is the third largest brand at Volkswagen, “ says Automobilwoche.
Until now, Volkswagen did not count the approximately 150,000 MAN/Scania trucks sold worldwide as theirs. This is most likely to change, and could bring Volkswagen a step closer to a fulfillment of its world’s largest automaker dream. The race is tight this year, and could become a bit tighter. 150,000 units more could bring Volkswagen perilously close to GM.