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VW rejects MAN bid for Scania
18th January 2007, Page 16
18th January 2007
Page 16
Page 16, 18th January 2007
— VW rejects MAN bid for Scania
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SCAT\ A. SHAREHOLDER Volkswagen has rejected MAN's hostile takeover bid for the Swedish truck giant, saying it wants the companies to agree on a friendly merger.
Volkswagen, which owns an 18.7% stake in Scania and a 15% share in MAN, is keen to integrate its Brazilian truck business in a three-way partnership. Its decision is a major setback for MAN, whose hostile €10.2bn (£7bn) takeover bid had only recently been cleared by the European Commission.
Scania and its largest shareholder, Investor, which owns a 30.64% stake in the company, have welcomed Volkswagen's decision. Both parties have been strongly opposed to the bid, saying MAN has undervalued the Swedish truck maker and not realised the full synergy potential.