BRUSSELS – Volkswagen AG is set to secure unconditional EU approval to buy German truckmaker MAN SE after overcoming earlier procedural difficulties with regulators, two sources said.
Volkswagen, which aims to become Europe's largest truckmaker to compete with rivals Volvo AB and Daimler AG, riled EU regulators in June when it tried to take control of MAN's supervisory board ahead of clearance of the deal.
But the group, Europe's largest automaker, dropped plans to appoint several of its managers to MAN's board after the European Commission said the move would breach EU merger rules.
"The Commission is expected to clear the deal with no concessions required," one of the sources, who has direct knowledge of the matter, said on Wednesday.
The EU executive has set a Sept. 26 deadline for its decision.
Volkswagen won EU approval in 2008 to purchase Swedish truckmaker Scania AB after a preliminary review by the regulator found no competition concerns.
MAN would be Volkswagen's second major industry holding after Scania. Volkswagen clinched a 55.9 percent stake in MAN in July.
Volkswagen estimates that a truck alliance may save it as much as 1 billion euros ($1.45 billion) in annual costs including purchasing and development outlays.
Sources: Reuters; David Jolley contributed to this report