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Scania repeats MAN refusal

The board of Swedish truckmaker Scania has repeated its refusal of a takeover bid from German rival MAN.

Scania argues that the bid is too low and that the strategic benefits of MAN’s merger plan are too small.

In a press release on Friday, the Swedish company’s board indicated that shareholders would receive a share dividend of 50 kronor per share, or a total of 10 billion kronor, including regular dividends.

The board said it would consider the exact size and timing of the dividend when the situation surrounding the MAN bid had been cleared up.

Meanwhile, a strengthening Swedish krona has eaten away at the value of MAN’s bid for Swedish shareholders. Scania and the Wallenberg family’s holding company Investor have both rejected the bid.

Investor is the second largest single shareholder in the company after Volkswagen. VW has said it will agree to the bid if the Wallenbergs can be persuaded to consent. MAN is currently the third largest shareholder in the company, with 14.5 percent of the votes on Scania’s board. Together with Volkswagen it controls 48.5 percent of the votes.

In order to force through a takeover against the Scania board’s will, MAN will need two thirds of both the A-shares and the B-shares, which cannot be done while Investor and the Wallenberg foundations, which own one third of the company’s shares, are united in opposition.

MAN’s bid is worth 51.29 kronor per share. When the bid was presented it was worth 475 kronor, but the strengthening of the Swedish currency means that it is now worth only 464 kronor per share.

In repeating its rejection of MAN’s bid on Friday, the Scania board said it was “substantially undervalued” the company, and emphasised that the Swedish company has “excellent growth and earnings potential as a standalone business.”

“MAN’s announced synergies underestimate the long term synergy potential of a carefully managed and executed combination of Scania and MAN. However, short term these synergies may be widely overstated,” the statement read.

“The Board unanimously recommends Scania shareholders not to accept the Offer as it substantially undervalues Scania.”

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.