German automotive giant Volkswagen has announced that it has acquired a controlling stake in the German heavy commercial vehicle constructor MAN, with 55.9 percent of shares. Volkswagen now plans to carry out a merger between MAN and Swedish-based Scania, in order to compete with global leaders Daimler and Volvo.
"Volkswagen is pleased with the acquisition of MAN, which is favourable both for our shareholders, employees and customers," stated the company's general manager Martin Winterkorn.