Scania orders review of VW bid image

Although the Swedish truck maker Scania AB is controlled by Volkswagen through it’s already exiting stake, the company asked its remaining shareholders to wait for a review of VW’s proposed bid before accepting it.

Last week, Volkswagen, who seeks a top position among truck makers after taking over from GM as the second biggest global carmaker, announced it has decided to bid 6.7 billion euros ($9.2 billion) for the remainder of Scania’s stake.

“The committee recommends all shareholders not to take a final decision until all relevant information is available,” Soedertaelje-based Scania said today in a statement.

The review was commissioned by the independent part of Scania’s supervisory board, with Deutsche Bank AG and Morgan Stanley as financial advisers, while Mannheimer Swartling serves as the legal adviser.

The committee “has noted that Volkswagen does not foresee any significant changes with regards to Scania, and that Scania’s headquarters and its development centers will remain where they are,” Peter Wallenberg Jr., a board member, said in the statement. “These matters are of course of importance to the company and for Sweden.”

VW, which currently also holds 75% of MAN’s shares, holds alongside the German truck maker 62.6 % of Scania, but actually controls 89.2 % of the voting rights. Volkswagen also wants to have the rest of MAN and offers for both truck makers a combined 29.3 billion euros.

Via Bloomberg