MAN has offered Scania’s second largest shareholder, Investor, a seat on the future company’s board, should MAN be successful in merging with Scania.
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Dagens Industri said that MAN would be prepared to renegotiate cash and share components of its takeover offer to allow Investor and the Wallenberg family behind Investor, to be a shareholder in the new truck manufacturer.
Investor and Scania are currently defending themselves against MAN’s offer to takeover Scania for 475 krona per share, Scania’s largest shareholder, Volkswagen, and MAN, are pushing for an amicable proposal for a merger with an agreement reached by the middle of November.
Volkswagen, which is also MAN’s largest shareholder, has made its support for a proposed merger dependent on MAN first reaching an agreement that is acceptable to Investor. Investor owns 10.8% of the capital in Scania and 19.3% of the voting rights.
Separately a report in German news magazine, Focus, says that MAN chairman and CEO Hakan Samuelsson, should become chairman of the newly merged company. It says that Volkswagen and MAN have secretly agreed the structure of the merged company, which includes retaining hedquarters in Munich.
Furthermore the article says that if Scania does not agree to a friendly takeover, MAN will pursue it with hostile takeover attempts. VW and MAN currently already own around 48% of the voting rights in Scania.
