FRANKFURT (AP) -- German truck maker MAN SE said Wednesday it has entered a long-term strategic partnership with Hong Kong's Sinotruk Ltd., buying a stake of 25 percent plus one share for euro560 million ($783.5 million).
In a statement, MAN said the price was based on Sinotruk's 60-day trading average along with a 21 percent premium.
Sinotruk is one of China's major builders of heavy trucks, holding some 20 percent of the market. It sold more than 100,000 such trucks last year and had sales of euro2.5 billion ($3.5 billion).
The partnership between the two companies means MAN will license some of its engines, chassis and axle technologies to Sinotruk to form the basis of a new heavy-duty truck series.
MAN, currently Germany's second largest truckmaker behind Daimler AG, completed its acquisition of Volkswagen AG's truck and bus operations in Brazil for around euro1.4 billion in March.
MAN had sales of nearly euro15 billion in 2008.
Shares of MAN were up 4.1 percent to euro46.20 in Frankfurt.
