FRANKFURT: Volkswagen made a long-awaited bid for MAN, valuing it at US$20bil and stepping up plans to merge the German truckmaker with Swedish rival Scania in which it also holds a stake.
Volkswagen, Europe's biggest carmaker, said yesterday it would offer MAN shareholders 95 euros per ordinary share and about 60 euros per preference share, in both cases less than the stock was trading at last week ahead of the bid.
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