Munich, Germany-based MAN AG, which recently partnered with Navistar International Corp. for engine design and manufacturing, now has a strengthened position as an independent company.
Three major stakeholders in the company, Allianz AG, Münchener Rück, and Commerzbank AG, have sold their shares in the company, which was previously owned by holding company Regina Verwaltungsgesellschaft. As a result, about 95% of MAN’s shares are publicly traded, The Wall Street Journal reported.
Regina completed its 35.6 million-share transaction through Goldman Sachs at 29 Euros ($38) each.
MAN is a manufacturer of heavy-duty truck and diesel engines.