Commission approves MAN’s Scania bid

The European Commission on Wednesday approved plans by German truckmaker and engineering conglomerate MAN to buy out its Swedish rival Scania.

The Commission, the EU’s competition regulator, said that, after an investigation, it had concluded that the acquisition “would not significantly impede effective competition in the (EU area) or any substantial part of it.”

MAN formally launched a hostile takeover bid for Scania on November 20th, offering €51.29 euros per share or 10.2 billion euros in all.

The German truck giant originally gave Scania shareholders until December 11th to accept the terms, but has extended the deadline until January 31st, 2007.

Competition Commissioner Neelie Kroes said she was “satisfied that competition on price and technology will remain strong in the future on the bus and truck markets, in particular considering the increasing importance of environmentally-friendly technologies in this sector.”