German carmaker Volkswagen has increased its stake in the truck, bus and coach maker, MAN, to 75.03% from its earlier 73.76%, with effect from 06 June 2012.
The move follows Volkswagen's management reshufflle by appointing the VW trucks unit Scania head to VW's management board in charge for commercial vehicles.
Volkswagen Aktiengesellschaft CEO Martin Winterkorn said, "This marks a further important milestone for achieving our joint goals in the commercial vehicles business as elsewhere through close cooperation."
"We will be following our chosen route with the utmost consistency. That is essential for the competitiveness and future viability of MAN, Scania and Volkswagen", Winterkorn added.
Volkswagen said that the MAN and Scania can raise their profitability through closer cooperation, which would also benefit all shareholders from the related growth rate.
