European Union (EU) competition authorities have delayed a decision on an approval of MAN’s proposed acquisition of Scania for a further two weeks, until 20th December.
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A spokesperson told dpa-AFX that at least one of the two parties concerned had not yet provided the necessary information that needs to be checked.
As a result MAN is considering extending its current offer beyond the 11th December deadline that it has currently set.
A new deadline could be set for the end of the year.
Scania has rejected MAN’s offer and is treating the takeover bid as hostile. The Scania board has advised its shareholders not to accept MAN’s offer, which values the company at around 10.3bn euros.
Indeed there is now speculation that Scania may launch a counter-bid for MAN. An English news website, breakingviews.com, has apparently gained the information from insiders at Scania.
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By GlobalDataThe Scania bid would value MAN at around EUR12.1bn, or 30% over its current stock market value.
