MAN secures Scania financing
AFP · 11 Dec 2006, 17:05
Published: 11 Dec 2006 17:05 GMT+01:00
Even though MAN's plans to acquire Scania have so far stalled on resistance by the Swedish truck maker to a tie-up, the German company said it had secured a syndicated credit facility of €11 billion to help finance the deal.
MAN signed a credit contract with a consortium of banks led by Citigroup, the Royal Bank of Scotland, BayernLB, West LB and Handelsbanken, it said.
"This will serve to support our offer for a complete takeover of Scania's shares," it said.
MAN formally launched a hostile takeover bid for Scania on November 20, offering €51.29 per share or €10.2 billion in all.
The German truck giant originally gave Scania shareholders until December 11 to accept the terms, but has since extended the deadline until January 31, 2007.