MAN AG, the renowned German manufacturer of heavy-duty trucks that recently celebrated its 250th anniversary, has announced a significant transformation: it will rebrand itself as MAN SE. This transition, however, requires approval from all shareholders. It marks the fourth DAX-index company to reorganize into a European stock corporation, following Allianz, Fresenius Medical Devices, and BASF. In June 2023, Porsche AG, which owns about 35% of Volkswagen, also converted into 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. Transitioning to this structure brings several advantages. It eliminates the need for subsidiaries in various European countries, streamlining operations and reducing costs. Additionally, it facilitates cross-border mergers and acquisitions within Europe. Hakan Samuelsson, chairman of MAN Group, emphasized that as a European company, the group will approach business from a broader European perspective and increase European employee involvement.
The Supervisory Board of MAN Group will also be reorganized under the new European model, becoming more streamlined. Furthermore, the company plans to establish a European-style workers’ committee, composed of 28 employee representatives from 16 countries. Currently, IG Metall and the company’s existing workers’ committee are negotiating with the Supervisory Board regarding the future board composition and decision-making rights.
Volkswagen, a DAX constituent, is the largest shareholder of MAN Group, holding 29.9% of voting shares. Ferdinand Piech, chairman of Volkswagen’s Supervisory Board, also serves on MAN’s Supervisory Board. The board has expanded from one to three members, with Rupert Stadler (chairman of Volkswagen Audi) and Stephan Schaller (head of heavy-duty trucks at Volkswagen) joining Piech. This expansion significantly increases Volkswagen’s influence over MAN.
However, analysts suggest that Porsche’s long-term goal of creating a large automotive alliance could include MAN Group and Scania, along with Porsche and Volkswagen. This vision aligns with Ferdinand Piech’s ambitions. However, tensions have arisen between Porsche and Volkswagen, particularly after Wendelin Wiedeking, CEO of Porsche, threatened to cancel internal management rights and collective wage agreements, leading to legal disputes.
Recently, Lothar Pohlmann, who led the Staff Committee for a decade, was replaced by Jürgen Dorn, a more outspoken union leader. With 22 years of experience at MAN, Dorn has openly criticized Porsche and its leadership, stating that MAN refuses to fall under Porsche’s influence. He accused Porsche of disrespecting worker rights and emphasized solidarity between the workers’ committees of MAN and Volkswagen in their fight for fair representation.
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