UPDATE 1-Volkswagen hikes majority stake in truckmaker MAN

Fri Apr 13, 2012 3:36pm BST

Quotes

   

* VW raises holding to forge trucks alliance

* VW holds 73 pct of MAN's ords, 26.5 pct prefs

* Equates to nearly 71.1 pct of total stock capital (Adds background on trucks alliance)

BERLIN, April 13 (Reuters) - Volkswagen further increased its holding in German truck maker MAN SE as Europe's biggest car manufacturer is pressing ahead to forge closer ties between its two major commercial vehicle operations.

VW raised its holding of ordinary shares in Munich-based MAN to 73 percent, giving the German car maker control of 71.08 percent of total share capital, MAN said in a statement on Friday. VW previously held 55.9 percent of voting rights and 53.71 percent of share capital.

VW is seeking to integrate MAN more closely with Swedish rival Scania, which the Wolfsburg-based company also controls, to save at least 200 million euros ($263.49 million) annually in procurement, production and research and development.

VW has been pushing for closer cooperation between the two truck makers and its own commercial-vehicles unit to create a three-way linkup that would leapfrog Daimler and Volvo as Europe's largest manufacturer of heavy-duty trucks.

The German carmaker has said it holds 71.8 percent of Scania's votes and 49.3 percent of the total capital in the Swedish truckmaker.

MAN declined to comment while a spokesman for VW couldn't immediately be reached.

($1 = 0.7590 euros) (Reporting By Andreas Cremer in Berlin, additional reporting by Edward Taylor and Christiaan Hetzner in Frankfurt)