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Sonia rejeds MAN takeover approach
21st September 2006, Page 7
21st September 2006
Page 7
Page 7, 21st September 2006
— Sonia rejeds MAN takeover approach
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SCAN1A HAS SNUBBED a multi-billion-Euro takeover bid by its rival MAN.
MAN's initial E6.5bn bid was "unanimously"rejected by Scania's board; it was also turned down by Seania's two biggest shareholders, Investor andVolkswagen,although it is thought that price is the main stumbling block.
As CM went to press neither Seania nor MAN would comment — but MAN chief executive Hakan Samuelsson does not rule out increasing his offer. "We are committed to making this happen," he says.
Industry analysts believe a deal is still on the table, but warn that MAN may be leaving itself vulnerable to a takeover bid of its own.
• For more on the takeover bid see Analysis, page 22.