MAN denies
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merger tale
II MAN has denied it is in merger talks with lveco as reported in Commercial Motor's sister title, Motor Transport, last month.
MT's story of 20 July reported senior vice-president of Iveco Franco Fenoglio confirming that the two companies had held detailed talks over some form of co-operation or buyout deal.
But, in an interview with news agency Reuters, MAN chairman Halm Samuelsson said there had been no merger negotiations with lveco.
He said MAN was better able to grow on Its own than with a partner and was aiming to take a 20% market share in Europe within five years.
• Volvo and Renault have signed the final agreement for their merger, which is still subject to approval by the European Commission and the US Department of Justice. DaimlerChrysler is also forging ahead with its plan to buy 34% of Mitsubishi Motors.