MAN boss plays down prospect of raised Scania bid
Published: 1 Dec 06 11:23 CET | Print version
Online: http://www.thelocal.se/5663/20061201/
The chief executive of MAN, Håkan Samuelsson, has played down the prospects of a raised bid by the German group for its Swedish truck rival Scania, reported Dagens Industri.
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"The price doesn't decide this business," said Samuelsson.
Instead Samuelsson, who was in Stockholm yesterday to meet Scania institutional investors, asked shareholders to concentrate on long term growth prospects, and warned them not to be tempted into rejecting MAN's current offer in favour of Scania's promise of bumper dividend payouts next year.
He also accused Scania's management of threatening the company's long term growth by pushing up short term profits and dividend payouts at the expense of the longer term investment.
And he said a combined MAN-Scania group would grow more quickly than either could alone.
"We believe in a growth strategy where Scania and MAN can grow quickly together than alone," said Samuelsson.
Samuelsson also said he believes a counter offer by Scania for MAN is unlikely.
"Volkswagen, both the board and management, have been very clear that they do not support a counter offer," he said.
Separately Brussels had said it will extend the deadline for its probe into the competitive implications of MAN's plans to buy Scania from December 6 until December 20.
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