Investor Wolf presents MAN workforce Steyr takeover plan

Investor Siegfried Wolf will present his takeover plan to the workforce at the MAN plant in Steyr today, Friday afternoon. The company headquarters of the truck manufacturer in Munich wants to sell to the ex-Magna boss, otherwise the location should be closed in 2023. CEO Andreas Tostmann also takes part in the works meeting. Wolf wants to continue MAN under the Steyr brand, but only take on around 1,250 of the current 1,845 permanent workforce.

After Easter, the workforce will vote on the offer in a secret ballot. So far, the works council has had concerns about economic sanctions, primarily because of Wolf’s business ties with Russia. In addition, there is a maximum of 15 percent reduction in net income in the event of a takeover.