Doğuş Otomotiv signed an agreement to acquire shares of Man Financial Services for 18.5 million euros late Thursday. According to the announcement released yesterday on the Public Disclosure Platform (KAP), the process of merging Volkswagen Doğuş Finansman and Man Financial Services will begin right after the transfer of the shares to Doğuş Otomotiv. The announcement said Man Financial Services had capital amounting to 14 million shares, which were each worth TL 1 ($0.34), and Volkswagen Doğuş Finansman will get 13.99 million, Volkswagen Financial Services AG will get 51, Doğuş Otomotiv Servis ve Ticaret and Doğuş Nakliyat ve Ticaret will each get one of these shares. Doğuş Otomotiv is the leading automotive importer, one of the biggest automotive distributors in Turkey and is a subsidiary of the Doğuş Group. Doğuş Otomotiv has the biggest brand portfolio and the widest service network in the Turkish automotive industry. Man Financial Services offers a service portfolio that includes domestic and international financing, leasing, insurance and rental solutions for commercial vehicles from MAN Truck & Bus.
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