Porsche Bids for Scania, Values it at $3.89 Billion

Germany's Porsche Automobil Holding said on Monday it made an offer for Sweden's Scania that valued the truck maker at 31.6 billion Swedish crowns ($3.89 billion).

Under a mandatory bid triggered by its takeover of Volkswagen, Porsche offered 68.52 Swedish crowns for each Scania A share and 67.10 crowns for each B share.

The bid level was below the closing prices of Scania stock on Friday.

Scania A shares closed at 69.5 crowns while the B shares closed at 69 crowns.

"Porsche wants to stress that the offer is not made voluntarily," the company said a statement.

"Porsche thus does not have any interest in acquiring any Scania shares. Porsche will not acquire any Scania shares outside the offer. Porsche has no plans for Scania's future operations."

Under Swedish takeover regulations, Porsche was required to make a bid for Scania after it earlier this month raised its stake in the truck maker's main shareholder, Volkswagen, above 50 percent, giving it indirect control of Scania.

Porsche had already said earlier in January it had no strategic interest in the truck maker and was not interested in buying Scania shares, a position it reiterated on Monday.

The company added on Monday it believed its offer would not have any effect on the Sweden-based truck maker's business, employees or management.

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