MAN SE minority shareholders appealed a July court ruling on the payout for the stock in a bid to win even higher compensation from Volkswagen AG. VW challenged the same decision -- arguing it should pay less than judges awarded.
While VW seeks to overturn the July 31 Munich court ruling that increased the amount for MAN shareholders to 90.29 euros ($102.97) per share from the 80.89 euros offered, Peter Dreier, a lawyer for some of the plaintiffs, appealed to get more. The group is seeking a payout "well beyond" 100 euros, he said in an e-mailed statement.
"The goal is a significantly higher payout," Dreier said. "The real value of the MAN stock is in the range between 114.54 euros and 120.11 euros."
The suit follows on from Volkswagen’s 2013 move to take over the truckmaker by acquiring 75 percent, allowing it full control.
Under German law, VW was required to offer put options to minority owners and proposed 80.89 euros or, for those who don’t tender, an annual dividend of 3.07 percent per share. The offer price was determined by two auditors and backed by a court-appointed expert, VW said at the time.
"We are still convinced that the evaluation results are adequate," Claus-Peter Tiemann, a Volkswagen spokesman, said in an e-mailed statement.