Volkswagen acquires Mango to enter China's commercial vehicle market through approval

According to news from foreign sources, Volkswagen reported on November 3 that its application for the acquisition of Man Trucking Co., Ltd. has been approved by the Chinese government for the approval of industry competition, and cleared the last obstacle for the successful inclusion of Man.

Volkswagen said in a statement: "The industry competition terms for the acquisition of most of the equity have been met." At the same time, the public revealed that according to the previous valuation, the transaction amount will be around 13.76 billion euros (about 19.79 billion US dollars). The final result will be finalized on November 9. This means that Man will form a European Truck Alliance with Volkswagen's Scania to compete against the current two largest truck giants, Daimler and Volvo.

According to the agreement, Volkswagen currently holds 55.9 percent of Mann's voting shares and 51.71% of share capital. According to German law: If a company holds more than 30% of the voting shares of another company, it must issue a takeover offer to all the remaining shareholders of the latter.

On September 26 this year, Volkswagen received antitrust approval from the European Commission and laid the foundation for its complete acquisition of MANSE, a truck manufacturer.