The German heavy truck maker MAN said on Oct. 7 that it had completed the purchase of a 25% plus one share stake in Chinese peer Sinotruk for 560 million euros (US$820 million).
MAN is to obtain the holding through a direct purchase of stock and by taking part in a capital increase now that Chinese authorities have approved the transaction, according to a statement which confirmed news initially announced in July.
As part of the deal, MAN is to license its TGA truck, engine, chassis and axels technology to Sinotruck, which will use it to produce a new heavy truck in one of the fastest-growing and largest markets in the world.
Copyright Agence France-Presse, 2009
