MAN to Set Deadline for Scania Share Transactions

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ending regulatory approval, Germany's MAN AG plans to set a deadline this week for shareholders of rival truck maker Scania to tender shares of the Swedish company based on MAN's current bid price, Bloomberg reported Monday.

Bloomberg quoted a MAN spokesman as saying the company would file official paperwork for its bid this week.

In October, MAN increased its hostile takeover bid for Scania from $12 billion to about $13 billion and purchased 14.54% of the Swedish truck maker’s voting rights, Bloomberg said. (Click here for previous coverage.)

Meanwhile, Volkswagen AG, which owns 34% of Scania’s voting rights as well as a 15.1% stake in MAN, has given the German company until Friday to reach an accord with Scania, Bloomberg reported.

After Friday, the automaker would support a takeover of Scania, provided MAN could secure the backing of 56.01% of Scania’s investors, Bloomberg said.

Volkswagen hopes to include its own heavy-duty trucking operations in the combined MAN/Scania.