MAN has officially concluded the change of legal form to a European stock corporation. Following entry in the Commercial Register, the Company is to trade under the name MAN SE with effect from May 19, 2009 — showing that it sees itself as an international group. The Annual General Meeting approved the change of legal form on April 3, 2009. The Supervisory Board for the SE was also elected at the same time.
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 The European Works Council will be superseded by the SE Works Council.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 stock-holders. Shares will be traded on all seven stock exchanges in Germany and on XETRA, the electronic trading system, as is currently the case.