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VW wants seats on MAN board to unseat CEO

From | January 23,2007
Reports in several German business papers this week have quoted unidentified sources close to VW suggesting that the company will seek two seats on truck manufacturer MAN’s board at its forthcoming AGM, in order to vote out chief executive Håkan Samuelsson. VW’s supervisory board has made clear its disappoval of MAN’s hostile bid for the Swedish truck maker Scania, in which it holds a higher share than that the 15% it currently holds in MAN. VW is understood to hope for an amicable fusion of its own South American truck manufacturing interests with those of MAN and Scania. Notwithstanding this rumour, the chairman of MAN’s own supervisory board has indicated that it is in full support of Mr. Samuelsson, whose contract does not expire for another three years.

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