SWEDEN: MAN representative not welcome on Scania board

By just-auto.com editorial team | 24 January 2008

Scania's second largest shareholder after Volkswagen, Investor AB, has said it would be against MAN taking a seat on the Scania surpervisory board.

According to dpa-AFX, Investor chairman Börje Ekholm said that if a competitor were represented on the supervisory board, its work would be almost impossible. He was speaking at the presentation of Investor's annual results.

An Investor spokesman had previously said that if MAN, which has over 15% voting rights in Scania, wanted a representative on the board, then the rules would allow that.

MAN has nominated Ekkehard Schulz, a member of its own supervisory board, to represent it on the Scania board. An independent representative, who is not part of the MAN management team, may be more electable, dpa-AFX said.

Scania will elect its board at its annual general meeting on 5 May.

Eckholm would not comment further on the potential for a renewed attempt at a hostile takeover of Scania by MAN. He said it was all just rumours and speculation.