Volkswagen has acquired 15.06 percent of MAN as a strategic investment / No full takeover intended

Wolfsburg (ots) - Wolfsburg, October 4, 2006 – Volkswagen
Aktiengesellschaft acquired a 15.06 percent stake in MAN on October
3. A full takeover of MAN is not intended. The investment should
allow Volkswagen to secure its strategic interest in the truck sector
and should make possible a friendly and jointly developed solution,
which achieves maximum synergies.

Volkswagen’s approach is not intended in any way to be hostile. In
the light of indications in the market of a hostile takeover attempt
of MAN by third-parties, this investment in MAN is essential to
secure Volkswagen’s interests.

“Volkswagen has an industrial interest in the truck business,
which is already underpinned by our investments in Scania, our
Brazilian truck operations and our light truck activities. It is
Volkswagen’s clear objective not only to guard these interests, but
also to strengthen the potential,” said Dr Pischetsrieder, Chairman
of the Board of Management of Volkswagen.

In principle there is a high degree of potential for synergies
between MAN and Scania. In order to realise these synergies quickly,
it is essential that the two management teams work in a co- operative
environment. This requires the full support of the employees of both
companies. In our opinion a hostile takeover does not encourage this.

Moreover, the outline of the transaction proposed by MAN does not
reflect the fair value of Volkswagen’s voting rights and economic
interest in Scania.

Volkswagen hopes to be able to support the industrial logic of
creating synergies between MAN and Scania, so that the optimal
results can be achieved.

Furthermore the integration of Volkswagen’s Brazilian truck
business could add additional value. Volkswagen’s Brazilian truck
operations are highly attractive in view of their unique market
position. This would secure a diversified product portfolio for MAN
and Scania and facilitate expansion into emerging markets.

In addition, Volkswagen Group could achieve increased revenue
potential from a sales co-operation between Volkswagen’s light trucks
business and MAN and Scania. In some countries such a co- operation
is already in its early stages. MAN and Scania would benefit from
being able to provide a full fleet offer of trucks and a one-stop
service for their customers.

The major competence and experience of Volkswagen in our Financial
Services activities could also be of benefit for MAN and Scania.

Originaltext: VW Volkswagen AG
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