MAN SE Provides Information in Shareholder Suit Over VWKarin Matussek
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.