Volkswagen AG — M&A Activity 2011

May 17, 2011

News Details

Takeover Bids | 17 May 2011 20:08

Kontrollerwerb ;

Target company: MAN SE; Bidder: Volkswagen AG

Dissemination of an announcement according to the German Securities

Acquisition and Takeover Act (WpÜG), transmitted by DGAP – a company of

EquityStory AG.

The bidder is solely responsible for the content of this announcement.

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Amendment to the publication of the acquisition of control over MAN SE

pursuant to Section 35 para. 1 in conjunction with Section 10 para. 3 of

the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und

Übernahmegesetz (WpÜG))

Acquirer of control:

Volkswagen Aktiengesellschaft

Berliner Ring 2

38440 Wolfsburg

Germany

registered in the commercial register of the Local Court of Braunschweig

under HRB 100484

ISIN: DE0007664005 (ordinary bearer shares)

ISIN: DE0007664039 (preference bearer shares)

Target company:

MAN SE

Ungererstraße 69

80805 München

Germany

registered in the commercial register of the Local Court in Munich under

HRB 179426

ISIN: DE0005937007 (ordinary bearer shares)

ISIN: DE0005937031 (preference bearer shares)

On 9 May 2011, Volkswagen Aktiengesellschaft (‘Volkswagen’) on its own

behalf and on behalf of Porsche Automobil Holding SE, Stuttgart/Germany

(ISIN: DE000PAH0038 (preference bearer shares)), Mag. Josef Ahorner,

Vienna/Austria, Dipl.-Ing. Dr. h.c. Ferdinand Piëch GmbH, Salzburg/Austria,

Dr. Hans-Michel Piëch GmbH, Salzburg/Austria, Familie Porsche Beteiligung

GmbH, Grünwald/Germany, Familie Porsche Holding GmbH, Salzburg/Austria,

Familie Porsche Privatstiftung, Salzburg/Austria, Familien

Porsche-Daxer-Piëch Beteiligung GmbH, Grünwald/Germany, Ferdinand Alexander

Porsche GmbH, Grünwald/Germany, Ferdinand Karl Alpha Privatstiftung,

Vienna/Austria, Ferdinand Piëch GmbH, Grünwald/Germany, Ferdinand Porsche

Holding GmbH, Salzburg/Austria, Ferdinand Porsche Privatstiftung,

Salzburg/Austria, Gerhard Anton Porsche GmbH, Salzburg/Austria, Gerhard

Porsche GmbH, Grünwald/Germany, Hans-Michel Piëch GmbH, Grünwald/Germany,

Hans-Peter Porsche GmbH, Grünwald/Germany, Ing. Hans-Peter Porsche GmbH,

Salzburg/Austria, Mag. Louise Kiesling, Vienna/Austria, Louise Daxer-Piëch

GmbH, Salzburg/Austria, Louise Daxer-Piëch GmbH, Grünwald/Germany, Prof.

Dr. h.c. Dipl.-Ing. Ferdinand Piëch, Salzburg/Austria, Dr. Hans-Michel

Piëch, Salzburg/Austria, Porsche Gesellschaft m.b.H., Salzburg/Austria,

Porsche Gesellschaft mit beschränkter Haftung, Stuttgart/Germany, Porsche

Familienholding GmbH, Salzburg/Austria, Dr. Ferdinand Oliver Porsche,

Salzburg/Austria, Dr. Wolfgang Porsche, Salzburg/Austria, Mr Gerhard Anton

Porsche, Mondsee/Austria, Ing. Hans-Peter Porsche, Salzburg/Austria, Mr Kai

Alexander Porsche, Innsbruck/Austria, Mag Mark Philipp Porsche,

Salzburg/Austria, Mr Peter Daniell Porsche, Salzburg/Austria, Prof.

Ferdinand Alexander Porsche, Gries/Pinzgau/Austria, Prof. Ferdinand

Alexander Porsche GmbH, Salzburg/Austria, Porsche Wolfgang 1. Beteiligungs

GmbH & Co. KG, Stuttgart/Germany and Wolfgang Porsche GmbH,

Stuttgart/Germany (together the ‘Other Controlling Persons’) announced

pursuant to Section 35 para. 1 in conjunction with Section 10 para. 3 of

the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und

Übernahmegesetz (WpÜG)) that on 9 May 2011 Volkswagen directly acquired and

the Other Controlling Persons as a result of the attribution of all voting

rights in MAN SE held by Volkswagen pursuant to Section 30 para. 1 sentence

1 no. 1 WpÜG indirectly acquired control within the meaning of Section 35

para. 1 WpÜG over MAN SE, which has its seat in Munich.

Volkswagen further announced on 9 May 2011 to make a mandatory offer to the

shareholders of MAN SE pursuant to Section 35 para. 2 WpÜG after the

publication of the offer document has been approved by the German Federal

Financial Supervisory Authority (Bundesanstalt für

Finanzdienstleistungsaufsicht). In this context, Volkswagen announced to

offer the shareholders of MAN SE, subject to the terms and provisions in

the offer document, to acquire their ordinary bearer shares in MAN SE, each

representing a pro rata amount of the registered share capital of EUR 2.56

(ISIN: DE0005937007) (‘MAN SE Ordinary Shares’), at a price in cash of EUR

95.00 per MAN SE Ordinary Share and to acquire their preference shares in

MAN SE, each representing a pro rata amount of the registered share capital

of EUR 2.56 (ISIN: DE0005937031) (‘MAN SE Preference Shares’), at a price

in cash equalling the domestic weighted average stock exchange price of the

MAN SE Preference Share during the last three months prior to the

publication of the acquisition of control.

The German Federal Financial Supervisory Authority (Bundesanstalt für

Finanzdienstleistungsaufsicht) has now notified Volkswagen that the

effective domestic weighted average stock exchange price as at the relevant

reference date 8 May 2011 amounts to EUR 87.23 for the MAN SE Ordinary

Share and to EUR 59.90 for the MAN SE Preference Share.

The mandatory offer will presumably be made subject to certain regulatory

clearances being obtained and will otherwise be made in accordance with the

terms and provisions set out in the offer document.

By executing the public mandatory offer Volkswagen will also fulfil the

obligations of the Other Controlling Persons stipulated by Section 35 WpÜG.

The Other Controlling Persons will not publish a separate mandatory offer

to acquire MAN SE Ordinary Shares or MAN SE Preference Shares (together the

‘MAN SE Shares’).

The offer document and further information relating to the mandatory offer

will be published on the internet at

http://www.volkswagenag.com/ir

Important information:

This announcement is neither an offer to purchase nor a solicitation of an

offer to sell MAN SE Shares. The final terms and further provisions

regarding the mandatory offer will be disclosed in the offer document after

its publication has been approved by the German Federal Financial

Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht).

Investors and holders of MAN SE Shares are strongly recommended to read the

offer document and all documents in connection with the mandatory offer as

soon as they are published, since they will contain important information.

Also within the United States, the offer is being made solely by Volkswagen

and not by any other party.

Wolfsburg, this 17 May 2011

Volkswagen Aktiengesellschaft

* * * * *

End of WpÜG announcement

17.05.2011DGAP’s Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

Media archive at www.dgap-medientreff.de and www.dgap.de

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Listed: Stammaktie der MAN SE (ISIN: DE0005937007): Regulierter Markt in

Frankfurt (Prime Standard), Berlin, Düsseldorf, Hamburg, Hannover, München

und Stuttgart; EUREX

Vorzugsaktie der MAN SE(ISIN: DE0005937031):

Regulierter Markt in Frankfurt (Prime Standard), Berlin, Düsseldorf,

Hamburg, Hannover, München und Stuttgart; EUREX

Stammaktie der Volkswagen

AG (ISIN: DE0007664005): Regulierter Markt in Frankfurt (Prime Standard),

Berlin, Düsseldorf, Hamburg, Hannover, München und Stuttgart;

EUREX

Vorzugsaktie der Volkswagen AG (ISIN: DE0007664039): Regulierter

Markt in Frankfurt (Prime Standard), Berlin, Düsseldorf, Hamburg, Hannover,

München und Stuttgart; EUREX

Vorzugsaktie der Porsche Automobil Holding SE

(ISIN: DE000PAH0038): Regulierter Markt in Frankfurt (General Standard),

Berlin, München und Stuttgart; Freiverkehr in Düsseldorf, Hamburg und

Hannover; EUREX

Aktie der Renk AG (ISIN: DE0007850000): Regulierter Markt

in München; Freiverkehr in Berlin, Frankfurt und Stuttgart

Aktie der AUDI

AG (ISIN: DE0006757008): Regulierter Markt in Frankfurt (General Standard),

Berlin, Düsseldorf, Hamburg, München und Stuttgart