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MAN 'to withdraw Scania bid'

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09:21 CEST+02:00
German truckmaker MAN will today withdraw its €9.6 billion hostile bid for Swedish rival Scania to enable three-way friendly talks over a truck alliance with their joint largest shareholder, Volkswagen, the Financial Times reported without naming sources.

Meanwhile, Scania is expected today to become the last of the parties to indicate its willingness to enter into friendly negotiations.

Trading in Scania was suspended ahead of the start of trading on the Stockholm bourse this morning, pending an announcement later today, the bourse said. The reason for the suspension was not disclosed.

The decisions follow a frenetic weekend of activity with Scania holding a full meeting of its board of directors last night and MAN an informal supervisory board discussion.

VW, the carmaker which holds 34 percent of voting rights in Scania and 15 percent of MAN, will inform the markets today about its intentions in the truck sector, where it also has heavy truck assets in Brazil which it would like to be part of any deal, the newspaper added.

Separately, Focus magazine reported in an unsourced article that VW wants to hold a 51 percent stake in the truck alliance, and that its formation will entail breaking up MAN.

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