German truck maker MAN bids for Scania

FRANKFURT – German truck maker MAN AG said yesterday that stakeholders of Swedish truck maker Scania AB will have until December 11 to tender their shares in a hostile takeover bid that is set to create one of Europe’s biggest truck makers.

Munich-based MAN announced the deadline in a statement outlining its plans for the proposed 10,3 billion euros (N$96,82 billion) takeover, adding that it expected to receive regulatory approval from the EU next month. The offer opens Nov.20.So far Sodertalje, Sweden-based Scania, along with major shareholder Investor AB, has rebuffed MAN’s offer, claiming it significantly undervalued the truck maker.”It looks as if the conditions of the bid are pretty much unchanged,” Scania spokeswoman Cecilia Edstrom said.”Our board as well as Investor have clearly rejected this level before, but we have to take a closer look at the offer document before we can comment further.”Investor AB spokesman Fredrik Lindgren said the company would read through the official offer, but that it was unlikely to change its mind about the takeover since the offer price was unchanged.”This is still the same deal, and we have already responded negatively toward it,” Lindgren said.”But we’ll look through it.”Lindgren would not address speculation that Scania in turn is preparing a counter-bid for MAN.”We have said all along that we are looking at every alternative, and want what is best for Scania’s shareholders,” he said.In its document, MAN reiterated its oft-repeated view that the deal would make the combined companies the third-biggest truckmaker worldwide, adding it would secure existing jobs in Germany and Sweden as well as stable growth in the industry.”This combination will strengthen both companies – in Sweden as well as Germany.The industrial concept of MAN and Scania has received widespread support from shareholders in both companies as well as independent analysts and industry participants,” MAN Chief Executive Hakan Samuelsson said.Nampa-APThe offer opens Nov.20.So far Sodertalje, Sweden-based Scania, along with major shareholder Investor AB, has rebuffed MAN’s offer, claiming it significantly undervalued the truck maker.”It looks as if the conditions of the bid are pretty much unchanged,” Scania spokeswoman Cecilia Edstrom said.”Our board as well as Investor have clearly rejected this level before, but we have to take a closer look at the offer document before we can comment further.”Investor AB spokesman Fredrik Lindgren said the company would read through the official offer, but that it was unlikely to change its mind about the takeover since the offer price was unchanged.”This is still the same deal, and we have already responded negatively toward it,” Lindgren said.”But we’ll look through it.”Lindgren would not address speculation that Scania in turn is preparing a counter-bid for MAN.”We have said all along that we are looking at every alternative, and want what is best for Scania’s shareholders,” he said.In its document, MAN reiterated its oft-repeated view that the deal would make the combined companies the third-biggest truckmaker worldwide, adding it would secure existing jobs in Germany and Sweden as well as stable growth in the industry.”This combination will strengthen both companies – in Sweden as well as Germany.The industrial concept of MAN and Scania has received widespread support from shareholders in both companies as well as independent analysts and industry participants,” MAN Chief Executive Hakan Samuelsson said.Nampa-AP