Deals and IPOs

Report of Scania Bid for MAN is Wrong: Paper


A Swedish newspaper report on Thursday that the two top shareholders of Scania -- Volkswagen and Investor AB -- have agreed that Scania should bid for MAN is completely unfounded, Germany's Sueddeutsche Zeitung newspaper reported.

It cited sources at the companies involved for its information. The companies have declined comment.

VW owns 36.4 percent of Scania voting stock while Investor and the Wallenberg Foundations hold a combined stake of 30.6 percent.

A bid by Scania would reverse the roles played last year when MAN launched a hostile 10 billion euros ($14.3 billion) bid for the Swedish group in an effort to reap economies of scale from what would be Europe's truck market leader.

Scania management and Investor fiercely resisted the bid, which eventually foundered when Volkswagen, the biggest shareholder of both Scania and MAN, came out against it.

Since then the parties have looked at tailoring an amicable merger deal that could smoothe ruffled feathers at the rivals.