Currently embroiled in a takeover bid for rival Scania, MAN has delivered strong profits for its third quarter as customers bought new truck ahead of the introduction of Euro 4 emissions rules on 1 October.

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MAN said its Q3 operating profit was up 64% to EUR279m, (up from EUR170m a year ago. Cumulative operating profit for the first three quarters was EUR751m,up 67% from EUR449m a year ago.


All business areas significantly improved their 3Q performance. The truck division, MAN Nutzfahrzeuge, improved operating profit 59% to EUR449m, due to improved capacity utilisation thanks to the temporary surge in demand, and cost savings, which it has been making to help fund the proposed Scania acquisition.


Commercial vehicle sales in the fourth quarter are likely to fall short of a year ago as purchases have been brought forward. Order intake in Q3/2006 rose 33% to EUR4.2bn. Cumulative 3Q orders at EUR12.3bn topped the year-earlier figure by nine percent. Excluding the exceptional mega-contract for trucks awarded by the British Ministry of Defence (MoD) in March 2005, worth EUR1.4bn, plus a follow-up order for EUR262m in September 2006, orders were up 21% in Q3.


MAN said it has now acquired 14.54% of the voting rights and 11.63% of the capital in Scania AB.

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MAN’s Håkan Samuelsson said: “A partnership between MAN and Scania would give birth to a new European truck champion. The industrial logic behind the union is receiving broad support. Together, we can more easily invest in important growth markets and expand our leading positions. I’m convinced we will reach a positive settlement.”


He added that on 30 October 30 MAN filed the documents for fair-trade compatibility testing by the EU Commission. The bid documents will be published mid-November 2006, the term for acceptance commencing thereafter. Depending on the anti-trust procedure, the settlement will probably be concluded prior to 31 December, 2006.


Meanwhile Volkswagen said last week it has increased its shareholding in MAN to just over 20%. Volkswagen has filed a request with the German cartel office to increase its stake in MAN to up to 30%. Volkswagen is now the largest shareholder in both MAN and Scania.


Volkswagen is currently supporting MAN’s takeover of Scania, but has set criteria that mean it must first reach an agreement with Scania’s second largest shareholder Investor. It set a deadline of mid-November for the parties to come up with an amicable solution.


Separately a German newspaper reported rumours today that former DaimlerChrysler truck boss, Eckhard Cordes, could be brought in to head up a newly-merged MAN-Scania concern.