MAN AG, the German heavy-duty truck manufacturer that recently celebrated its 250th anniversary, has announced a significant transformation: it will rebrand as MAN SE. This change, however, requires approval from all shareholders. This move makes MAN the fourth DAX-index company to reorganize into a European stock corporation, following Allianz, Fresenius Medical Devices, and BASF. In June of last year, Porsche AG, which owns approximately 35% of Volkswagen, also transitioned to Porsche Holding SE, though it is not a DAX constituent.
Previously, MAN’s diesel manufacturing subsidiary was restructured into MAN Diesel SE, a European stock company. Going fully European offers several advantages. It eliminates the need for subsidiaries in different European countries, streamlining operations and reducing costs. Additionally, it facilitates cross-border mergers and acquisitions within Europe. Hakan Samuelsson, CEO of MAN Group, emphasized that becoming a European company allows them to view business activities from a broader European perspective and increase employee participation across the continent.
The Supervisory Board of MAN will also be reorganized under the new structure, becoming more streamlined according to European corporate models. A European-style workers’ committee will be established, consisting of 28 representatives from 16 countries. Currently, IG Metall and the MAN Group’s Corporate Workers’ Committee are negotiating with the Supervisory Board regarding the composition of the future European Share Corporation’s board and decision-making rights.
Volkswagen, a major DAX constituent, is the largest shareholder of MAN, holding 29.9% of voting shares. Ferdinand Piech, chairman of Volkswagen’s Supervisory Board, also serves on MAN’s Supervisory Board. Recently, the board expanded from one to three members, with Rupert Stadler (chairman of Volkswagen Audi) and Stephan Schaller (head of VW’s heavy-duty truck division) joining. This expansion has significantly increased Volkswagen’s influence over MAN.
However, market observers believe that Porsche’s ultimate goal is to create a large automotive alliance that would include MAN and Scania (a Swedish truck company), along with Porsche and Volkswagen. This vision aligns with Ferdinand Piech’s long-term ambitions. Yet, tensions have arisen between Porsche and Volkswagen, particularly after Porsche’s CEO, Wendelin Wiedeking, threatened to revoke internal management rights and collective wage agreements, leading to legal disputes.
Recently, Lothar Pohlmann, who led the Staff Committee at MAN for ten years, was replaced by Jürgen Dorn, a more assertive union leader. With 22 years of experience at MAN, Dorn has openly criticized Porsche and its leadership, stating that MAN is unwilling to fall under Porsche’s influence. He described Porsche as a company that lacks respect for worker rights. Dorn emphasized that the Manchester Workers’ Committee and Volkswagen will stand united in defending their rights and opposing any encroachment on their interests.
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