Germany’s MAN group on Wednesday said it would pay €560m for a 25 per cent stake in Sinotruk, China’s largest manufacturer of heavy trucks, in a deal that will see the two partners develop new vehicles for emerging export markets.

Sinotruk, based in Shandong province, listed on the Hong Kong stock exchange in November 2007, raising $1.2bn. The company’s shares, which were suspended from trading in late May, last closed at HK$7.51.