MAN compra VW Brasil (parte camion e autobs)

[brasileiro]

MAN buys VW's heavy truck business

FRANKFURT (Reuters) - German industrial conglomerate MAN has agreed to buy Volkswagen's Brazil-based truck and bus business in a move that will let it expand into fast-growing South America, MAN said on Monday.

It gave no purchase price for the business, which it said had an enterprise value of 1.175 billion euros ($1.58 billion). The transfer is supposed to take effect on January 1.

The deal marks movement toward a three-way truck deal that analysts expect to emerge among MAN, VW and Scania.

Meanwhile, Volkswagen said it expected the transaction, which allows it to focus on passenger cars and light commercial vehicles, to close in the first quarter of 2009.

VW said its 29.9 percent stake in MAN would let it and its shareholders benefit from synergies the deal generates.

MAN shares fell 3.2 percent and Volkswagen was up 0.9 percent by 8:28 a.m. EST, while the German blue-chip DAX index .GDAXI rose 1.3 percent.

Volkswagen Truck & Bus, Brazil's largest truckmaker, has been making commercial vehicles in Brazil since 1996. It sells vehicles primarily in Latin America and South Africa and delivered about 47,000 trucks and buses in 2007.

"Having concentrated on our core business units, MAN is now focusing on expansion in all business areas. The acquisition of VW Truck & Bus in Brazil marks another milestone in our international growth in trucks and buses," MAN Chief Executive Hakan Samuelsson said in a statement.

THREE-WAY DEAL

VW is the biggest shareholder in both MAN and Sweden's Scania. VW has 68.6 percent of Scania's votes, while MAN has 17.2 percent.

"We think that this transaction is the next step in the formation of the Porsche-VW-Scania-MAN group," said Sven Kreitmair, a credit analyst at UniCredit.

Porsche is VW's biggest investor, poised to boost its stake in Europe's biggest carmaker to a majority within weeks on the way to a 75 percent stake next year.

Kreitmair said MAN's low-A credit rating, good liquidity position and strong cash flow would let it fund the acquisition without undue strain.

Asked if Scania were in talks with VW on a three-way truck deal, Scania declined to comment.

"This is a deal between Volkswagen and MAN, so we cannot comment on that," said spokesman Erik Ljungberg.

fonte: Reuters

In sostanza MAN ha comprato VW Truck & Bus, il maggiore produttore di veicoli industriali in Brasile.

Ora, visto che VW detiene il 29,9 % di MAN e il 68,6 % di Scania e che a sua volta MAN detiene il 17,2 % di Scania, si ipotizza la nascita di un gruppo "Porsche-VW-Scania-MAN", un colosso presente dappertutto e in tutti i campi