Volkswagen’s supervisory board has agreed to support MAN’s bid for Scania.
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At an extraordinary meeting held yesterday (Sunday, 15 October), the board agreed that Volkswagen would only offer its 34% of Scania’s voting rights and 18.7% of Scania’s equity to MAN Aktiengesellschaft if MAN had received commitments to tender representing at least 71.31% of Scania’s capital and at least 56.01% of Scania’s voting rights.
The move is designed to find an amicable way of merging MAN and Scania. Volkswagen is the largest shareholder in MAN (15.06% of shares), as well as Scania.
In a statement Volkswagen said it will not support a counter-bid by Scania at the present time.
The decision is valid for four weeks and the supervisory board next meets on 17 November.
The Scania board is currently resisting a takeover by MAN. MAN has built up shares carrying 14.27% of Scania voting rights over the past few weeks, in a move that Scania CEO Leif Ostling has described as “aggressive”.
