Awwal 18, 1432 H/Feb 21, 2011, SPA -- Stock in German heavy vehicles and engineering group MAN rose 0.7 per cent to 86.50 on the Frankfurt Stock Exchange Monday after the company said it was delaying its 2010 accounts and annual general meeting, according to dpa. Markets were unfazed, with traders saying there were rumours that MAN may have reached a settlement with Abu Dhabi's sovereign wealth fund, IPIC, over the sale of MAN subsidiary Ferrostaal. IPIC has sought a reduction in price for its 70 per cent of Ferrostaal, which builds factories, distributes machinery and pre- assembles car parts. The two sides are in dispute over liability for alleged corruption at Ferrostaal. Traders said there appeared to be no substance to speculation that the Volkswagen Group might mount a takeover bid for MAN. But a deal with IPIC, including the Gulf fund taking the remaining 30 per cent of the unit, might make MAN easier for the German automotive group to buy out, traders said. VW is trying to establish a big trucks group. Munich-based MAN shifted its news conference about last year's financial results from March 1 to 21 and gave no new date for its AGM, originally planned for April 8.
