World Business Briefing | Europe: Germany: Stake in Truck Maker Is Raised
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Volkswagen said it had increased its stake in the German truck maker Man to nearly 30 percent, a move that would give it a better say in guiding Man toward a friendly alliance with the Swedish truck maker Scania. Volkswagen said it had raised its stake in Man to 29.9 percent from 20 percent, ensuring its position as the companyâs biggest stakeholder. Volkswagen, which is based in Wolfsburg, Germany, is also Scaniaâs biggest shareholder and has been pushing toward an alliance of the companies to be more competitive with larger rivals in Europe. Man is based in Munich and Scania is based in Sodertalje, Sweden.
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German truckmaker MAN  said on Thursday it would not reduce production staff should it successfully acquire Swedish rival Scania  in its 10.3 billion euro ($13.4 billion) hostile bid.
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Germany's MAN AG is preparing a more   attractive offer for Swedish truck maker Scania, the Wall   Street Journal on Friday quoted MAN Chief Executive Hakan   Samuelsson as saying.
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German sports car maker Porsche's  stake of almost 30 percent in Volkswagen  is enough to assert its interests in Europe's biggest carmaker, Porsche's chief executive told a German newspaper.
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US-based private equity group Atticus Capital announced on Friday that it had increased its stake in Deutsche Boerse and turned up the pressure on the German stock exchange operator to boost its capital return.
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German industrial orders rose by an unexpected 3.4 percent in November following a 4.0 percent gain in October, figures released Tuesday by the economy ministry showed.
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German automaker Volkswagen said it had bought 15.06 percent of German industrial group MAN with a view to creating a three-way alliance in the trucking business between with MAN and Swedish group Scania.
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Industrial output in Germany rose by 1.9 percent in January, after edging up by 0.1 percent the previous month, data published by the German Economy and Technology Ministry showed on Thursday.
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German engineering conglomerate MAN, which wants to take over Swedish truck maker Scania, has said cost-cutting measures and strong demand for its products enabled it to book record earnings last year.
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German corporate sentiment unexpectedly  rose in November to equal a 15-year high as business  expectations and firms' assessment of current conditions  improved, a key survey showed on Thursday.
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FRANKFURT/LONDON Oct 11  - Germany sold a 6.3  percent stake in phone operator Deutsche Telekom on Monday,  raising up to 4.5 billion euros ($5.6 billion) to help it curb  a burgeoning budget deficit.
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Automaker sees greater participation as the way to boost light truck sales in the fast-growing market.
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Swedish truckmaker AB Volvo reported solid third-quarter results on Friday, and raised its forecast for truck sales by 5 percent in Europe and as much as 15 percent to 20 percent in North America.
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Volkswagenâs chairman, Ferdinand Piech, may join the board of the truck maker MAN, of which Volkswagen owns a 29.9 percent stake, MAN said. Mr. Piech, along with an executive with Volkswagenâs truck division, Stephan Schaller, will be among those directors whom shareholders will vote on during the May 10 annual meeting, MAN said. Mr. Piech, above, and Mr. Schaller would join Rupert Stadler, an executive with Volkswagenâs Audi subsidiary. Volkswagen has been pushing for an alliance formed of itself, MAN and Sania, another truck maker.
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Shares in DaimlerChrysler  rose more than 4 percent to their highest level since August 2001 on Monday amid continued speculation it could sell or spin off loss-making U.S. arm Chrysler.
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VW bought a 15 percent stake in MAN as part of an effort to form a three-way alliance with the truck maker and Scania of Sweden.
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German corporate sentiment unexpectedly rose in November to equal a 15-year high as business expectations and firms' assessment of current conditions improved, a key survey showed on Thursday.