Effecten-Spiegel AG sued German truck maker MAN SE over answers given at a shareholders’ meeting, perhaps marking the start of a legal battle with minority shareholders over Volkswagen AG’s plan to take full control of MAN, Bloomberg News reported.
Volkswagen recently gained shareholder approval for a profit-transfer and domination agreement with MAN, which eliminates the need for arm’s-length negotiations between the companies and gives the carmaker access to MAN’s cash.
Effecten-Spiegel — German investor and publisher of a finance magazine — filed a complaint in Munich charging MAN with providing insufficient information at the June 6 meeting, according to Effecten’s attorneys. MAN declined to comment on the suit because its lawyers had not received the filing, Bloomberg reported.
The suit, which is asking for more detailed information than given at the meeting, will not hinder the implementation of Volkswagen’s domination agreement that was approved at the meeting, the law firm said.
“We still deem the offered compensation as inappropriately low,” Effecten-Spiegel attorney Peter Dreier said in a statement Thursday, Bloomberg reported.