VW and MAN to meet Wallenbergs over Scania

Volkswagen AG and MAN AG's supervisory board chairmen are to hold talks with Sweden's Wallenberg family, a key shareholder of Scania AB, to discuss MAN's takeover bid for its Swedish rival, according to a German press report.

VW’s Ferdinand Piech and MAN’s Ekkehard Schulz will meet next week with the Wallenbergs to find a solution for a merger of MAN and Scania, the Frankfurter Allgemeine Zeitung daily said yesterday, citing no sources.

The Wallenberg family is Scania’s second-biggest shareholder through its investment arm Investor AB. VW is the largest shareholder in both Scania and MAN.

Investor, Scania and VW have all rejected MAN’s takeover bid of about 475 Swedish kronor per Scania share. The offer is scheduled to expire on Jan 31st.