A German court has ordered Volkswagen’s truck unit MAN to pay 300 million euros ($350 million) to shareholders in the unit, putting a long-running court battle over its buyout offer to an end.
Minority shareholders in MAN will get a gross yearly payment of 5.50 euros per share, which is 2.20 euros more compared to what Volkswagen has paid.
They can also, under two months, hand over their shares in return for a payment of 90.29 euros per share, MAN stated. That compares to 80.89 euros offered earlier by Volkswagen.
The ruling by the Munich Higher Regional Court, which validated a lower court decision and is final, resolves a court battle dating back to a domination and profit transfer agreement signed in 2013 after the automaker acquired more than 75 percent of MAN’s shares.
Volkswagen is preparing to rename its VW Truck & Bus unit Traton and is thinking about a stock market listing for the unit, which also owns Sweden’s Scania.