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SCANIA

MAN presents hostile bid

German industrial group MAN on Thursday formally presented its €9.6 billion (12.3-billion-dollar) hostile takeover bid for Swedish truckmaker Scania.

The offer is dependent on MAN gaining acceptance on behalf of 90 percent of Scania’s shares and would run from November 20 until December 11, the German group said.

In mid-September MAN unveiled its offer in an attempt to create the world’s biggest truckmaker ahead of Volvo and DaimlerChrysler.

The offer was immediately rejected by Scania and its main shareholders, German carmaker Volkswagen, which holds 34 percent of voting rights, and the Wallenberg family, which holds 29.8 percent of voting rights through its various foundations and its holding group Investor.

The formal announcement of the terms means that MAN is pressing on despite hints in some Scania quarters that an alliance could emerge if the bid were withdrawn.

WALLENBERG

Sweden financier Peter Wallenberg dies in sleep

UPDATED: One of Sweden's most powerful financiers, Peter Wallenberg, has died at the age of 88, with the country's King Carl XVI Gustaf saying he had lost "a close and loyal friend".

Sweden financier Peter Wallenberg dies in sleep
Peter Wallenberg in 2014. Photo: TT
Peter Wallenberg, who was born in 1926, came from one of Sweden's most prominent families, with other relatives active in banking, politics, diplomacy and business.
 
His most famous relative was Raoul Wallenberg, a diplomat who saved tens of thousands of Jews from the Holocaust during World War Two and who went missing seventy years ago this weekend.
 
Peter Wallenberg had a long career in finance after graduating from law school. He worked in the UK, the US and Africa, before settling in Sweden and working on the board of several leading industrial companies including Electrolux and Ericsson. He also helped establish Anglo-Swedish drugmaker AstraZeneca in 1999.
 
Until earlier this month he had remained active in the Knut and Alice Wallenberg Foundation, a Sweden's largest private financial research organisation.
 
During the past five years, the foundation has granted a total of five billion kronor for various projects, mainly at Swedish universities.
 
"With deep regret, the Management Board of the Knut and Alice Wallenberg Foundation announce that its honorary president Peter Wallenberg died in his sleep at his home on Monday at the age of 88," said a statement from the foundation.

"Peter Wallenberg has been active on the board since 1971 and has held the presidency from 1982 until recently," it added.

Wallenberg became heavily involved in the foundation after his older brother Marc Wallenberg killed himself in 1971.
 
“Marc and I were very close,” he told Sweden's Sydsvenska Dagbladet newspaper back in 2006.
 
“I didn’t see what was coming, despite sitting talking to him two hours before he took his life. It was a big misfortune and I felt a terrible emptiness.”
 
Reacting to the news of Peter Wallenberg's death, Sweden's King Carl XVI Gustaf said in a written statement: "Peter Wallenberg has meant a lot to Swedish industry. He was also deeply involved in the Knut and Alice Wallenberg Foundation, which contributed to scientific development in Sweden. For the royal family, Peter was a close and loyal friend."
 
Sweden's Prime Minister Stefan Löfven said that he had "great respect" for the financier, who he said had played a "big role in Swedish business for decades."
 
Peter Wallenberg was married three times and leaves behind two sons.