Germany automotive industry newspaper Automobilwoche has reported that German truck and engine producer MAN is ready to increase its offer for Sweden’s Scania.

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MAN is planning to make its official offer known to the Stockholm stock exchange in the middle of November.


The report says that MAN is considering an offer price of 500 Swedish kroner (EUR55) per share, up from its original offer of 440 kroner.


However it is unlikely that this offer will be attractive to Volkswagen. Automobilwoche quotes an unnamed source from the inner circle of VW CEO Bernd Pischetsrieder as saying that a better figure would be 600 kroner. In addition, VW would be looking for a significant stake in MAN in exchange for its shares in Scania.


Scania shareholders would have 30 days to make a decision, after MAN makes its official offer.

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MAN made its original bid for Scania on 18 September, offering EUR9.6bn for Scania in a deal that would create Europe’s largest maker of commercial vehicles. Scania’s board unanimously rejected the offer the same day.


Major Scania shareholders – including Volkswagen Group and Investor AB – announced separately that they had rejected the offer.


Volkswagen said that its investment in Scania is of a “strategic nature” and that “acceptance of the takeover offer would not be in line with these industrial interests”.


The Swedish Investor AB group, part of the Wallenberg business empire, which controls 10.8% of Scania, said that the terms of the offer did not “reflect the fair value and potential of Scania”. The Swedish Wallenberg family controls overall, directly and indirectly, nearly 29% of Scania’s voting stock.