Scania to Post Full-Year Results Early
Swedish truck maker Scania -- subject to a hostile takeover offer by German rival MAN -- will report its full-year results earlier than planned in a move to give shareholders more information on its finances, company officials said Friday.
The Sodertalje, Sweden-based company was originally scheduled to release its year-end report on Feb. 8, but brought the date forward to Jan. 25, six days before the acceptance period of MAN's 10.3 billion euros ($13.6 billion) offer expires.
"There is a public offer for the company and we want our shareholders to have as much information as possible for when they decide," Scania spokeswoman Cecilia Edstrom said.
Scania's board and major shareholder Investor AB have rebuffed MAN's bid, saying it is too low.
MAN's takeover offer for Scania is aimed at creating the biggest truck maker in European by market share and the third-biggest in the world.