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MAN secures Scania financing

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17:05 CET+01:00
German truck maker and engineering conglomerate MAN said Monday it has secured a €11-billion credit line to finance its planned acquisition of Swedish rival Scania.

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.

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