MAN looks to buy Swedish rival
FRANKFURT — Europe’s third largest truckmaker MAN Nutzfahrzeuge is offering a cash bid of a reported 9.5 billion euros for Swedish commercial vehicle manufacturer Scania, according to the Financial Times.
Scania or its American partner Navistar
The newspaper, citing people familiar with the negotiations, said that German-based MAN had proposed the offer to two leading shareholders of Scania — carmaker and Swedish investment group Investor AB.
MAN has confirmed its interest in acquiring Scania to create the market leader in Europe that can stand up to bigger global rivals DaimlerChrysler and Volvo. The company says it will make a formal statement next week.
There are further reports that if the Scania deal falls apart, MAN would pursue another major acquisition in North America — likely Navistar International.
The CEO of MAN, which is currently partnering with Navistar on truck components and powertrain systems, mused to a newspaper earlier his year that the company was interested in venturing overseas and grabbing a stake in Navistar.
“We find Navistar interesting. I think that we should over time cement somehow our cooperation, including by becoming part owners,” Hakan Samuelsson was quoted as saying.
–from the Financial Times, via Reuters
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