Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

MAN SE Provides Information in Shareholder Suit Over VW

Aug. 29 (Bloomberg) -- MAN SE provided investors with data about the valuation of the company that might be used to force Volkswagen AG to increase the amount it needs to pay minority shareholders as part of a full takeover of the truckmaker.

MAN turned over the information after a court case was filed by Dusseldorf-based investor and publisher of finance magazine Effecten-Spiegel AG. The truckmaker didn’t properly respond to a request for the data at a shareholder meeting in June, according to Effecten-Spiegel.

“For us, this is a first victory,” said Peter Dreier, a lawyer for the investor. “It shows we’re on the right track.”

The case may be a prelude to litigation over the payout MAN shareholders get under the profit transfer and domination agreement approved at the June 6 meeting. VW, which already owns just over 75 percent of MAN, is proposing purchasing the truckmaker’s remaining stock for 80.89 euros ($107.31) a share.

MAN spokesman Sacha Klingner said the company sent information to the investor in a letter dated July 10. He declined to comment further on the suit.

Ferdinand Piech, supervisory board chairman at both Volkswagen and MAN, said at the June meeting that he expects a drawn-out legal battle with investors seeking a higher price.

Today’s case is LG Muenchen, 5 HKO 13701/13.

To contact the reporter on this story: Karin Matussek in Berlin at kmatussek@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@Bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.