MAN could increase Scania bid
AFP - [email protected]
Published: 25 Sep, 2006 CET.
Updated: Mon 25 Sep 2006 09:52 CET
German truckmaker MAN wants to improve the terms of its takeover offer for Swedish counterpart Scania AB by about 14 percent, which would value the latter at nearly €11 billion, according to a prerelease of the weekly Automobilwoche, citing industry sources.
It said MAN is discussing the possibility of offering 500 kronor per share or the equivalent of €55.
MAN said on September 18th it wants to offer 0.151 of its ordinary shares plus
€38.35 cash per Scania share in a bid valuing the Swedish company at €9.6 bln eur or 440 kronor per share.
Scania's two largest shareholders, Volkswagen AG and Investor AB, rejected the terms. MAN has six weeks from Sept 18th to submit a formal offer.
Automobiwoche said, however, that even at 500 kronor, VW is unwilling to sell its 18.7 percent stake in Scania.
VW chief executive Bernd Pischetsrieder believes 600 kronor is an "appropriate" price, it added.
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It said MAN is discussing the possibility of offering 500 kronor per share or the equivalent of €55.
MAN said on September 18th it wants to offer 0.151 of its ordinary shares plus
€38.35 cash per Scania share in a bid valuing the Swedish company at €9.6 bln eur or 440 kronor per share.
Scania's two largest shareholders, Volkswagen AG and Investor AB, rejected the terms. MAN has six weeks from Sept 18th to submit a formal offer.
Automobiwoche said, however, that even at 500 kronor, VW is unwilling to sell its 18.7 percent stake in Scania.
VW chief executive Bernd Pischetsrieder believes 600 kronor is an "appropriate" price, it added.
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