Wallenbergs could chair merged truck giant
AFP · 23 Oct 2006, 14:46
Published: 23 Oct 2006 14:46 GMT+02:00
"The German truck giant MAN wants to offer the Wallenberg family and Investor the chairmanship of the new MAN, which would own both Scania trucks and MAN," financial daily Dagens Industri (DI) reported.
Scania has been the subject of a hostile takeover bid by the German conglomerate since September.
The chairmanship of a combined group is a key element in a package MAN has drawn up to convince Investor, currently against a tie-up, to agree to talks, according to DI, which did not identify its source.
Through Investor and its own shares the Wallenberg family has a 29 percent share of voting rights in Scania.
In line with Scania, Investor rejected MAN's most recent October 12 offer of 475 kronor or 51.29 euros per share, upped from an initial 442 kronor.
Dagens Industri said MAN's offer, currently 20 percent shares and 80 percent cash, could be altered to increase the number of shares to "respond to a possible expression of interest from Investor and the Wallenbergs."
German carmaker Volkswagen (VW), which owns 18.7 percent of Scania's share capital and 34 percent of its voting rights, has called on MAN and Investor to conclude talks by November 17, DI recalled.
At the end of last week however, discussions between Scania and MAN had not yet started.
VW has rejected a hostile takeover and has called for a three-way alliance to include its heavy truck production in Brazil.