STOCKHOLM, Sweden — After over a year of negotiating, Volkswagen AG took control of Swedish truck and bus maker Scania AB last week, as the global truck-building industry continues a trend of consolidation.
The (US$4.37 billion) deal could make VW a credible global competitor to rivals Daimler AG and AB Volvo,” reports the Wall Street Journal. VW will hold 68.6 percent of the Scania voting shares.
The deal also could mean that a rumored alliance between Volkswagen and MAN AG’s truck businesses could finally be in the cards. Volkswagen has a nearly 30 percent stake in MAN, which in turn, has built a 17 percent stake of Scania voting shares. Last year, the German truckmaker attempted a hostile takover of Scania and failed.
A three-way merger between VW, Scania and MAN would make it Europe’s largest truck maker, Bloomberg reported.
Anton Weinmann, the head of MAN’s truck unit said an alliance between the two and possibly Volkswagen, is likely to happen, the news agency reported.
The deal means little for the North American industry — at least for now. Scania failed miserably when it tried to establish a small footprint on this side of the pond in the early 1980s.
However, the merger could put a spin on MAN’s ongoing partnership with International. It could clear the way for a tighter alliance, which has already spawned the production of the 11- and 13-liter MaxxForce. Though, rumors swirl of some type of deal between Caterpillar and International.
— via Truckinginfo.com
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