MAN AG Makes $12 Billion Offer For Scania
n a deal that would make it Europe’s largest manufacturer of heavy-duty trucks, Germany's MAN AG has proposed a $12-billion deal to acquire Sweden's Scania, the Financial Times reported Thursday.
MAN would pay 440 kroner, or about $60.64, for each share of its Swedish rival, the Financial Times said, quoting people familiar with the negotiations
Swedish newspaper Dagens Industri, citing sources close to the deal, reported that the German truck maker would seek to retain both the MAN and Scania brands in the combined company, Bloomberg said.
Volkswagen holds 34% of Scania’s voting rights, while Swedish investment company Investor AB controls 19.3%, Bloomberg said.
While Investor AB is seeking to sell its stake in Scania, the company has insisted on a cash payment and will not accept shares as part of the takeover deal, Bloomberg reported, quoting Dagens Industri.
