BERLIN -- German truckmaker MAN SE does not expect any antitrust difficulties to arise from its acquisition by Volkswagen AG, MAN CEO Georg Pachta-Reyhofen said in Berlin on Monday.
"We are very confident," he told reporters. Despite leading indicators pointing to a slowdown in global economic activity, Pachta-Reyhofen said MAN still was enjoying a continued boom.
"The upswing is continuing undiminished," he said. "New orders remain excellent just as before."
Last week Volkswagen said it had clinched a 55.9 percent majority stake in MAN, its second major industry holding after Swedish truckmaker Scania AB . The stake is larger than the 40 percent that VW initially sought when it started the bid in May.
Europe's biggest carmaker triggered a mandatory bid for MAN by raising its stake on May 9 to 30.5 percent from 29.9 percent to pave the way for closer cooperation between the German truckmaker and its Swedish rival Scania. The move is part of VW chairman Ferdinand Piech's plan to create Europe's biggest truck maker by combining MAN and Scania to take on world No.1 player Daimler AG and its next biggest rival Volvo AB.
Volkswagen estimates that a three-way truck alliance may save as much as 1 billion euros ($1.45 billion) in annual costs including purchasing and development outlays.
Sources: Reuters and Bloomberg