MAN is expected to make an official offer for Scania tomorrow (Wednesday).
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Dpa reported that, by then, MAN will have received approval from the German regulatory authority BaFin (Bundesbank and German Financial Supervisory Authority).
MAN CEO Håkan Samuelsson has been negotiating with Scania and its second largest shareholder, Investor, to agree a suitable takeover price, and the ownership of board positions in a newly merged company.
A MAN spokesperson has said that the official offer will remain the same as the improved (unofficial) offer made in October, when MAN acquired some shares on the open market. It paid SKR475 or EUR51.29 per share. This values Scania at EUR10.3bn in total.
The offer is expected to last until mid-December. MAN is offering to acquire 90% of the company.
MAN first made takeover advances to Scania on 18 September, but it has taken two months to formalise. In the meantime, MAN acquired 14.54% of the voting rights in Scania, and 11.63% of the capital, making it the third largest shareholder after Volkswagen and Investor.
Volkswagen holds 34% of the voting rights and 18.7% of the capital. It is in favour of a merger, and has acquired around 20% of the shares in MAN during the period, to strengthen its position in a merged company.
Investor, controlled by the Wallenberg family, holds 20.01% of the voting rights and 11% of the capital, although the Wallenburg family also owns shares directly, equivalent to 10.5% of voting rights.
The EU Commission will review the merger on 6 December and decide if it complies with competition rules.
