VW vetoes hostile Scania bid
AFP - [email protected]
Published: 11 Jan, 2007 CET.Updated: Thu 11 Jan 2007 17:23 CET
German auto giant Volkswagen said Thursday it opposed a hostile takeover bid by truck maker MAN for its Swedish rival Scania and urged the two sides to reach an amicable deal instead. VW, which holds major stakes in both MAN and Scania, said in a statement that its supervisory board had decided to reject MAN's offer for Scania.
Instead, the supervisory board had "entrusted VW's management board to find a solution to bring about an amicable merger between the two truck makers", the statement said.
MAN officially launched a 10.2-billion-euro (13.2-billion-dollar) bid for Scania on November with the aim of creating Europe's biggest truck maker.
But the Swedish group and its shareholder Investor have so far rejected the German company's advances.
VW wants an amicable deal so that it can then bring its own Brazilian truck-making activities into the tie-up.
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VW, which holds major stakes in both MAN and Scania, said in a statement that its supervisory board had decided to reject MAN's offer for Scania.
Instead, the supervisory board had "entrusted VW's management board to find a solution to bring about an amicable merger between the two truck makers", the statement said.
MAN officially launched a 10.2-billion-euro (13.2-billion-dollar) bid for Scania on November with the aim of creating Europe's biggest truck maker.
But the Swedish group and its shareholder Investor have so far rejected the German company's advances.
VW wants an amicable deal so that it can then bring its own Brazilian truck-making activities into the tie-up.
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