Nordic Business Report-September 18, 2006-MAN AG offers EUR9.6bn for Scania
(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
The German commercial vehicles maker MAN AG published on Monday (18 September) the details of its bid for Swedish trucks and buses maker Scania, saying that it is prepared to pay EUR48 per share.
The consideration, offered as a mix of cash and shares, represents a premium of 36-39% and values Scania at EUR9.6bn.
MAN said that the combination of the company would not result in site closures, and that MAN and Scania would continue as distinct brands with separate sales and marketing channels, as well as separate brand-relevant R&D operations.
A combination of the two companies would create Europe's largest and the world's third largest truck manufacturer with some 80,000 employees and annual sales of EUR18.5bn.
When completed the combination is also expected to result in annual synergies of at least EUR500m.
MAN's offer is conditional on MAN acquiring more than 90% of the shares.
In a separate announcement on Monday the board of Scania said that it has unanimously decided not to support MAN's bid.
The Swedish investment company Investor, which own 10.8% of the share capital and 19.3% of the votes of Scania, has also rejected MAN's offer.
One euro (EUR) is worth approximately 0.67 British pounds (GBP).
((Comments on this story may be sent to email@example.com))
Viðskiptablaðið er 25 ára og af því tilefni býðst nýjum áskrifendum að kaupa áskrift á 50% afslætti.
Afmælisverðið er aðeins 2.500 krónur.
Tilboðið er fyrir nýja áskrifendur. Núverandi áskrifendur geta bætt við sig áskrift á þessu verði. Gildir í 4 mánuði. Áskrifendur fá Viðskiptablaðið, Frjálsa verslun og Fiskifréttir sent ásamt vefaðgangi að vb.is og fiskifrettir.is