After reports from analysts surfaced, saying that a top executive at rival truck maker Daimler had insider knowledge that US truck maker Paccar would be acquired by Volkswagen, the company moved to dismiss the news.
According to a Bernstein Research note comments by its analysts, Daimler Trucks Chief Wolfgang Bernhard claimed that “serious, multiple sources” told him rival heavy truck maker Volkswagen AG was ready to bid for the US maker next year.
Contacted in relation to the news, a spokesperson based at VW’s Wolfsburg-based headquarters completely rebuffed the report, calling it “complete rubbish.” There was no comment coming from Daimler or Paccar. Bernstein Research did say that Bernhard’s comments came during an event hosted by Daimler Trucks, in which he briefed the analysts.
“The only rational answer to our mind is that Daimler is trying to make life difficult for anyone trying to further consolidate the industry,” said Arndt Ellinghorst, an analyst at investment researchers ISI Group. There are probably few more efficient ways of doing this than in front of a group of sellside analysts.”
Volkswagen, which has taken Daimler’s previous trucks chief, Andreas Renschler to lead its heavy truck makers alliance, is moving to further integrate its various truck divisions, streamlining the moves of both MAN and Scania. The largest European automaker and the second in the world is also on its way to fully acquire the Swedish truck brand, after shareholders finally accepted a 6.7 billion-euro ($9.14 billion) proposal.