GERMANY: Scania and MAN in merger talks
Scania and MAN have acknowledged that they are in merger talks.
Der Speigel reported last week that Volkswagen, which has a controlling stake in Scania and a minority holding in MAN, aims use the link to try to overtake global front-runners Daimler and Volvo.
“For some time Scania and MAN have investigated different projects in the industrial area, mainly related to the commercial vehicles, which would make it possible for the two companies to profit from synergies in research and development, manufacturing and sourcing,” Scania says.
“This process has shown that a full realisation of potential synergies requires a closer cooperation by combining the two companies, while maintaining the unique brand values of the respective company.
“At this stage no decision has been taken, as there are a number of outstanding issues of commercial and legal nature. A decision can be made only when these issues have been resolved.
“Scania will not comment on the subject while the discussion is still ongoing. Further announcements will be made when appropriate.”
MAN spoke of synergies and “closer industrial cooperation”.
“Both parties are focused on creating value for their shareholders and other stakeholders and are pursuing this with mutually friendly intentions,” the German manufacturer says.
“At the same time, both sides are committed to maintaining the operating businesses and the unique brand values of the respective companies.
“This would be the basis for any possible option pursued by MAN.”