Three German finance groups, Allianz, Munich Re and Commerzbank, have revealed plans to sell their entire stake in engineering company MAN AG. The news of the holding loss, said to be worth around $1.4 billion, has already caused MAN's shares to drop over 1.8%.
The three groups’ shares are currently controlled by holding company Regina Verwaltungsgesellschaft, which has 24% of the share capital and 25% of the voting rights of MAN. Allianz AG, Allianz Lebensversicherungs-AG, Munchener Ruckversicherungs-Gesellschaft and Commerzbank AG each hold 25% in Regina Verwaltungsgesellschaft.
The entire stake of Regina Verwaltungsgesellschaft, or approximately 35.6 million common shares, will be placed in the market in an accelerated bookbuilt offering and the MAN shares will be offered to institutional investors.
Bookbuilding starts immediately, and the final offer price will be announced after the order books have closed.
The planned transaction will create a new shareholder structure for MAN and significantly increase the free float of the MAN ordinary shares – with positive consequences for their liquidity, and a higher weighting and therefore long-term perspective of the MAN ordinary shares in the DAX 30 index.
The MAN Group holds leading market positions, with each core business in the group geared to securing a top three place in the relevant market segment. The MAN Group includes MAN Nutzfahrzeuge, Europe’s third largest supplier of trucks and buses, MAN Roland Druckmaschinen, the world’s premier web-fed printing press manufacturer, engine supplier MAN B&W Diesel, and turbines supplier MAN Turbo.