By Giulia Petroni

Traton SE said Saturday that it is prepared to pay 70.68 euros ($85.96) a share to squeeze out minority shareholders of truck-and-bus manufacturer MAN SE.

The Volkswagen AG-subsidiary said the request has been submitted to MAN's executive board and the offer is being reviewed by a court-appointed auditor. MAN shares closed at EUR55.50 on Friday.

Traton currently owns 94.36% of MAN's share capital.

The merger agreement is set to conclude on May 14. MAN's annual general meeting, which is to adopt a resolution to transfer the shares held by minority shareholders to Traton, is scheduled to take place on June 29.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

May 10, 2021 01:39 ET (05:39 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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