MAN becomes a European stock corporation
MAN SE officially registered
MAN expects the Company's new legal form to have positive effects. The Societas Europaea (SE) form of corporation - which is also referred to as Europe Inc. - offers the opportunity to integrate national companies within the MAN Group to an even greater extent and to establish a better position in global competition with a European corporate identity. This has already been successfully accomplished at the MAN Diesel subsidiary.
Even as an SE, MAN will continue to be domiciled and headquartered in Munich. The Supervisory Board has been reduced to 16 members. It still consists of an equal number of representatives but now also includes employee representatives for the European sites. The European Works Council will be superseded by the SE Works Council. The change of legal form to an SE will not result in any changes to the current structure and works council codetermination at establishment and company level within the MAN Group.
MAN AG's change of legal form to an SE will neither lead to dissolution of the Company nor to the formation of a new legal entity. Therefore the Company will not lose its legal or economic identity. Because of its identity as a legal entity, stockholders' shareholdings in the Company will continue unchanged, as will the respective rights of common and preferred stockholders. Shares will be traded on all seven stock exchanges in Germany and on XETRA, the electronic trading system, as is currently the case.
The MAN Group is one of Europe's leading industrial players in Transport-Related Engineering, with revenue of approximately €15 billion in 2008. As a supplier of trucks, buses, diesel engines, turbo machinery, and special gear systems, MAN employs approximately 51,300 people worldwide. Its business areas hold leading positions in their respective markets. MAN SE, Munich, is listed in the DAX (German Stock Index), which comprises Germany's thirty leading stock corporations.