Porsche has launched a mandatory takeover offer for Scania. It is obliged to do so by Swedish law because it has increased its stake in Volkswagen to more than 50%. VW in turn owns 69% of Scania.
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The luxury sportscar and SUV maker has reiterated it has no strategic interest in acquiring Scania, and that it is offering the minimum required by regulators.
Porsche’s offer to buy each A share for SKR68.52 and each B share for SKR67.10 is not expected to generate much interest from shareholders as it is below the current trading price.
The Financial Times said Porsche had hinted that any shares it did acquire would be sold on to VW. This is the approach the company took when it was forced to make a bid for Audi.
VW also has an almost 30% controlling stake in Scania’s German competitor, and second largest shareholder, MAN, which owns 20% of Scania.
Some industry analysts expect MAN and Scania to merge, but there is rivalry between the management of the two companies and the ownership structure is extremely complex.
At the end of last year MAN acquired VW’s South American truck business.
