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July 21, 2019

Cummins offers to buy VW’s large unit

Business

July 21, 2019

FRANKFURT: United States-based diesel engines maker Cummins has made an indicative offer for Volkswagen’s MAN Energy Solutions unit, people close to the matter said, as the carmaker seeks to slim down its portfolio of disparate assets, Reuters reported.Volkswagen announced in May that it is exploring a sale or partnership for its MAN Energy Solutions as part of a restructuring of the German cars, trucks and bus empire.

VW has held talks with Cummins, and received an offer from the U.S. company for MAN Energy Solutions, the sources said. A Cummins spokesman said, “We do not comment on rumors or speculation in the marketplace.”

VW Chief Executive Herbert Diess has vowed to simplify the group which has 12 brands, trucks, buses, motorbikes, cars and electric bicycles as part of its business.

MAN Energy makes large diesel engines used in ships and power stations. A Volkswagen spokesman on Friday reiterated that VW is reviewing all options for the asset, but declined to comment further on Cummins.

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