VW, Wallenberg family interests agree Scania to buy MAN - report |
|
|
|
Published
:
Thu, 18 Oct 2007 08:00
|
STOCKHOLM (Thomson Financial) - Volkswagen AG and Wallenberg family-controlled entities, have agreed Scania AB will bid for MAN AG, the newspaper Dagens Industri reported citing 'many' unnamed sources.The deal is structured so that Scania will bid for MAN, with Investor AB and the Wallenberg foundations possibly selling their stakes in Scania later on.The deal hinges on an Oct 23 European Court of Justice ruling which is expected to significantly cut the power the German state Niedersachsen (which owns 20 pct of VW) has over VW. The ruling is expected to scrap the state's right to name many VW board members and do away with the rule that no single shareholder can vote for more than 20 pct of the shares.The newspaper said that VW chairman Ferdinand Piech is 'totally' in agreement with the Wallenberg family interests and endorses Scania's bid for MAN. This will ensure that Scania has a dominating role in the future cooperation between the truck makers, as Wallenberg family patriarch Peter Wallenberg, and Scania CEO Leif Oestling desire.If the ruling is as expected, then Porsche will take control over VW, and clear the way for the deal, the newspaper said.Porsche currently owns 31 pct of VW, and is controlled by Piech. It has said it wants to acquire 50 pct of the shares in VW, and vote them.MAN CEO Haakan Samuelsson is expected to become chairman of Scania-MAN, with Scania CEO Leif Oestling leaving the company to become chairman at SKF AB.hans.chumakonde@thomson.comhc/nesCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
|
|
|
|
|
|
Print this Story
Stockholm shares marginally higher midday underpinned by Scania, construction 