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VW chief rejects MAN offer for Scania

The head of German carmaker Volkswagen, which controls a third of Swedish truck manufacturer Scania, rejected a hostile bid from MAN for the Swedish group, in a newspaper interview on Tuesday.

VW’s chief executive Bernd Pischetsrieder told the Financial Times Deutschland that even if the bid, worth €9.6 billion, was improved it would still be unacceptable.

In Stockholm the price of shares in Scania fell by 5.81 percent to 430 kronor in initial trading. The bid is widely regarded as blocked if Volkswagen is hostile.

Pischetsrieder said that MAN should abandon its approach in favour of private talks.

MAN, a German industrial group, had said on September 19 that it would be happy to have Volkswagen as a shareholder if its bid succeeded.

Pischetsrieder said however that he was in favour in principle of combining Scania and MAN with VW’s heavy truck business in Brazil.

But he added: “For me this can’t be achieved by a takeover of Scania by MAN. I have rejected the bid and have no intention of changing my mind.”

He also objected to the terms because they put the same price on different classes of shares in Scania.

Pischetsrieder said he had repeatedly told MAN chief Hakan Samuelsson that he would not approve a takeover.

Samuelsson has said MAN is preparing an improved offer, but VW’s support is vital because it controls 34.32 percent of Scania’s voting rights and 18.7 percent of its capital.

Pischetsrieder also complained that the offer undervalued VW’s share in Scania. VW mainly holds A shares in Scania which carry greater voting rights, but MAN is offering the same price for A and B shares, valuing each Scania share at 442 kronor.

MAN currently ranks third among European truck makers.

FOOTBALL

‘Zlatan is a very intelligent guy and a very proud man’

Manchester United manager José Mourinho is looking forward to working with Zlatan Ibrahimovic again next season after declaring the Swedish striker's contract extension will be a formality.

'Zlatan is a very intelligent guy and a very proud man'
Zlatan Ibrahimovic representing Manchester United in the Boxing Day match. Photo: AP Photo/Rui Vieira

Ibrahimovic, 35, arrived from Paris Saint-Germain in July on a one-year deal with an option for a further year, which Mourinho in November indicated United would look to take up.

After the footballer scored once and made two goals in United's 3-1 win over Sunderland on Monday, Mourinho said the clause had not been activated yet, but would be.

“It is activated in his brain and it is activated also in my decisions and in the owners' and the board's. So it is no problem,” said Mourinho.

Ibrahimovic's goal agains Sunderland means that he has scored 50 times across all competitions for club and country during 2016, the year he retired from international football with Sweden.

“I am not really surprised because he is a very intelligent guy and a very proud man,” Mourinho said.

“He decided to come to Manchester United and to the Premier League, to a club with the level of expectation of Manchester United, in the most difficult league in the world for a striker.

“When he decides to come here, it is because he knows he can do it.”

“When we contacted him and he said, yes, he will come, I was sure that he was not coming here to leave the Premier League without proving himself.”

“To leave the Premier League having failed at Manchester United? No way. When such a guy decided to come, I was completely clear that he would be ready and he is ready for more next season. He will be here again,” said Mourinho.

Ibrahimovic set up Daley Blind to put United ahead in the 39th minute and then ran through to score from Paul Pogba's pass before setting up Henrikh Mkhitaryan for a spectacular 'scorpion kick' volley.

United secured a fourth successive Premier League win, and extended their unbeaten record in all competitions to 11 matches.