The Volkswagen supervisory board has rejected MAN’s offer to take over Scania, which, according to Scania, means that the bid is unlikely to go ahead in its current form.
A Scania spokesman said that 60% of the shareholders have now rejected the bid. They are Volkswagen, Investor, and the Wallenburg foundation. Volkswagen had previously said it would accept the bid if MAN could come to an agreement with other major shareholders. Volkswagen is also the largest shareholder in MAN.
MAN said it would not withdraw its offer, which runs until the end of January, and that it is still looking for a friendly solution. “We have 20 days to find a firendly solution,“ a spokesman said.
That sought-after solution is not likely to include a higher offer, despite recent press speculation. “We are not planning to increase the offer,” said the MAN spokesman. However, MAN is open to other ideas. MAN has outlined its proposal and that is on the table, but it will also consider other ideas from Volkswagen or Investor.
“If the major shareholders still do not accept the takeover bid by the end of January, then we have to accept that,” the MAN spokesman said. Without going into any detail, he added “Then MAN will consider other possibilities.” In the past MAN has expressed an interest in Navistar. In November last year, that US truck maker’s chief executive officer Dan Ustian told reporters he would be interested in talking to potential purchasers of his company.
