8.3MAN CEO: no plan to control JV with Sinotruk

MAN CEO: no plan to control JV with Sinotruk

 

http://autonews.gasgoo.com/auto-news/1011577/MAN-CEO-no-plan-to-control-JV-w
ith-Sinotruk.html

 

Shanghai, August 3 (Gasgoo.com) German heavy truck maker MAN is to buy a
stake of 25% plus one share in the Chinese group Sinotruk, but MAN CEO Hakan
Samuelsson said MAN has no plan to control Sinotruk, gasgoo.com said today.

 

Sinotruk (Hong Kong) Ltd., China's largest heavy-truck manufacturer by sales
volume, agreed in mid-July to sell just over a 25% stake in itself to German
truck maker MAN SE for €560 million ($796 million). MAN sees Sinotruk as its
"best" partner that it can find in the Chinese market.

 

Hakan Samuelsson has told Chinese media that in its talks with Sinotruk, MAN
only focused on the control of its own technology, with no plan to be a
majority partner. Based its previous joint venture experience, the German
truck-maker hoped its new JV with Sinotruk could avoid the intellectual
property rights problems, said the CEO of MAN.

 

The tie-up is the second-largest foreign investment in China's auto
industry, according to Dealogic, and a step toward boosting Sinotruk's
presence in Europe and other developed markets, its chairman Ma Chunji
hopes.

 

"For our company, this is really a chance to catapult us into the first
class globally," Mr. Ma said in an interview.

 

The Sinotruk-MAN deal is also part of a broader global push by China's auto
manufacturers, which in recent months have made bids on General Motors Corp.
's Saab, Hummer and Opel units, and Ford Motor Co.'s Volvo.

 

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