Volkswagen AG — M&A Activity 2011

May 9, 2011

News Details

Takeover Bids | 9 May 2011 12:15

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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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 of Munich under

HRB 179426

ISIN: DE0005937007 (ordinary bearer shares)

ISIN: DE0005937031 (preference bearer shares)

On 9 May 2011, Volkswagen Aktiengesellschaft acquired until 11.00 hrs

(local time Frankfurt am Main) 379,842 ordinary bearer shares in MAN SE

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

2.56 (ISIN: DE0005937007) (the ‘MAN SE Ordinary Shares’), which corresponds

to 0.27% of the MAN SE Ordinary Shares. Since then it holds 30.26% of the

voting rights in MAN SE (42,658,042 of a total number of 140,974,350 voting

rights). Thus, on 9 May 2011 Volkswagen Aktiengesellschaft acquired control

within the meaning of Section 35 para. 1 WpÜG over MAN SE, which has its

seat in Munich. Volkswagen Aktiengesellschaft expects to acquire during the

course of today further 290,000 MAN SE Ordinary Shares (corresponding to

0.21% of the MAN SE Ordinary Shares) and then to hold 30.47% of the voting

rights in MAN SE (42,948,042 of a total number of 140,974,350 voting

rights).

With regard to the aforementioned acquisition, Porsche Automobil Holding SE

(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.

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

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

Porsche GmbH, 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, Mr Mark Philipp Porsche,

Salzburg/Austria, Mr Peter Daniell Porsche, Rif by Hallein/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,

Grünwald/Germany (together the ‘Other Controlling Persons’) acquired

indirect control over MAN SE on 9 May 2011 as a result of the attribution

of all voting rights in MAN SE held by Volkswagen Aktiengesellschaft

pursuant to Section 30 para. 1 sentence 1 no. 1 WpÜG. Therefore, this

publication is also made for and on behalf of the aforementioned Other

Controlling Persons.

Volkswagen Aktiengesellschaft will 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). The mandatory offer will be made by way of

a cash offer. Subject to the terms and provisions in the offer document,

Volkswagen Aktiengesellschaft intends to offer the shareholders of MAN SE

to acquire their 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) (the ‘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 per MAN SE Preference Share. This

price is expected to be in the area of EUR 60.

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 Aktiengesellschaft 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 the shareholders of MAN SE.

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 Ordinary Shares or MAN SE Preference Shares (together

the ‘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. The

offer within the United States is being made solely by Volkswagen

Aktiengesellschaft and not by any other party.

Wolfsburg, this 9 May 2011

Volkswagen Aktiengesellschaft

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End of WpÜG announcement

09.05.2011DGAP’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