FRANKFURT (Thomson Financial) - Speculation that Volkswagen AG and Wallenberg family-controlled entities have agreed Scania AB will bid for MAN AG is being driven by market interests rather than hard facts, Sueddeutsche Zeitung reported citing sources familiar with the matter.
The sources said the story is rumour and only serves the drive the companies' share prices.
Yesterday, Swedish newspaper Dagens Industri reported -- citing 'many' unnamed sources -- that Scania will bid for MAN, with Investor AB and the Wallenberg foundations possibly selling their stakes in Scania later on.
The newspaper said that VW chairman Ferdinand Piech is 'totally' in agreement with the Wallenberg family interests and endorses Scania's bid for MAN.
Analysts said talk that Scania would make a hostile bid for MAN to form a three-way truck alliance with VW is a very realistic scenario once the Volkswagen Law - which says no shareholder can have more than a 20 pct voting stake in that company - is scrapped by the EU.
VW holds a 20 pct capital stake and a 36.4 pct voting stake in Scania. The German car maker owns a 29.9 pct stake in MAN, which in turn holds around 15 pct in Scania. judith.csaba@thomson.com jcs/ejb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The sources said the story is rumour and only serves the drive the companies' share prices.
Yesterday, Swedish newspaper Dagens Industri reported -- citing 'many' unnamed sources -- that Scania will bid for MAN, with Investor AB and the Wallenberg foundations possibly selling their stakes in Scania later on.
The newspaper said that VW chairman Ferdinand Piech is 'totally' in agreement with the Wallenberg family interests and endorses Scania's bid for MAN.
Analysts said talk that Scania would make a hostile bid for MAN to form a three-way truck alliance with VW is a very realistic scenario once the Volkswagen Law - which says no shareholder can have more than a 20 pct voting stake in that company - is scrapped by the EU.
VW holds a 20 pct capital stake and a 36.4 pct voting stake in Scania. The German car maker owns a 29.9 pct stake in MAN, which in turn holds around 15 pct in Scania. judith.csaba@thomson.com jcs/ejb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
