MAN 'optimistic' over Scania takeover
German engineering conglomerate MAN said Thursday that it remained optimistic about its chances of taking over Swedish truck maker Scania after booking higher profits in the third quarter.
MAN, which has recently transformed itself from a widely diversified group to focus on trucks, diesel engines and turbo systems, said in a statement it booked bottom-line net profit of 325 million euros (415 million dollars) in the period from July to September, up 80 percent on the year.
Operating profit jumped by 64 percent to 279 million euros on an 18-percent rise in sales to 3.3 billion euros.
All divisions contributed to growth, driven by restructuring measures and favourable economic conditions, MAN said.
Looking ahead to the whole year, MAN was targetting operating profit in excess of one billion euros, and higher sales, the group said.
The group's Swedish chairman Håkan Samuelsson, a Scania director before joining MAN, said he was optimistic with regard to MAN's planned takeover of Scania, despite Swedish group's rejection of the move.
"I'm convinced that we'll reach a positive outcome," Samuelsson said.
MAN is expecting to publish its latest takeover offer for Scania in mid-November. It plans to raise additional capital to finance the deal.
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MAN, which has recently transformed itself from a widely diversified group to focus on trucks, diesel engines and turbo systems, said in a statement it booked bottom-line net profit of 325 million euros (415 million dollars) in the period from July to September, up 80 percent on the year.
Operating profit jumped by 64 percent to 279 million euros on an 18-percent rise in sales to 3.3 billion euros.
All divisions contributed to growth, driven by restructuring measures and favourable economic conditions, MAN said.
Looking ahead to the whole year, MAN was targetting operating profit in excess of one billion euros, and higher sales, the group said.
The group's Swedish chairman Håkan Samuelsson, a Scania director before joining MAN, said he was optimistic with regard to MAN's planned takeover of Scania, despite Swedish group's rejection of the move.
"I'm convinced that we'll reach a positive outcome," Samuelsson said.
MAN is expecting to publish its latest takeover offer for Scania in mid-November. It plans to raise additional capital to finance the deal.
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