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MAN 'could extend Scania bid'

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16:12 CET+01:00
German truck maker MAN said Thursday it would consider extending its takeover bid for Swedish rival Scania after the EU Commission announced it was extending the deadline for its anti-trust enquiry into a possible merger of the two companies.

Earlier, Brussels had said it would extend the deadline for its probe into the competitive implications of MAN's plans to buy Scania from December 6 until December 20.

MAN said in a statment that it "welcomes the decision, because it implies that a (simplified regulatory) clearance of the deal is still possible prior to the end of the year."

The German group said it was "reviewing the implications of this change with a view to an extension of the acceptance deadline for our offer, particularly given the proximity of this new date to the Christmas and New Year holiday season and in light of our ongoing discussion with the parties."

MAN has launched a hostile €10.2-billion bid for Scania, which expires on December 11.

MAN has said that its offer would only become binding if it secured 90 percent of Scania's share capital.

But Scania's main shareholders, the Wallenberg family, have so far rejected the German group's advances.

MAN said it would issue a further statement on the matter on December 11.

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