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FRANKFURT, Germany (AP) - Volkswagen AG said Tuesday it has increased its stake in German truckmaker MAN AG to nearly 30 percent, a move that would give it a better say in guiding the company toward a friendly alliance with Swedish truckmaker Scania AB.
In a statement, Volkswagen said it had raised its stake in Munich-based MAN from 20 percent to 29.9 percent, ensuring its position as the company's biggest stakeholder. Likewise, Volkswagen is also Scania's biggest shareholder.
"The Board of Management of Volkswagen is convinced that this level of participation in MAN is both helpful and adequate to allow all parties to find a friendly and mutually agreeable solution for combining MAN and Scania," the Wolfsburg-based company said. "Realizing the acknowledged high synergy potential remains the objective."
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