As MAN secures credit for its proposed takeover of Scania, Scania has extended its strategic alliance with Hino Motors.
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MAN has secured a credit line of EUR11bn for its planned takeover of Scania.
Aktiencheck.de reported that the company said on Monday that it had formed a consortium led by Citigroup Global Markets, The Royal Bank of Scotland, Bayern LD, West LB and Handelbanken Capital Markets that has facilitated the credit line. In addition a further 24 interntional banks are involved.
The fact that MAN has secured EUR11bn, rather than the EUR10.3bn it has formally offered for Scania, has raised speculation that MAN may increase its offer.
In continued defiance of MAN’s takeover offer, Scania today announced that it is extending its collaboration with Hino Motors to a marketing agreement in South Korea.
Scania and the Japanese commercial vehicle manufacturer Hino have signed an agreement to distribute Hino’s medium-duty trucks in the South Korean market.
Sales will start in the spring of 2007.
In March 2002, Scania and Hino entered into a strategic alliance. Since 2003, Hino has marketed Scania tractor units in Japan.
“Our alliance with Hino has developed nicely. In addition to joint marketing efforts, there are frequent exchanges of knowledge and experience within R&D and production, which are beneficial to both companies,” said Leif Östling, president and CEO of Scania.
