Transportation Industry
Scania Rejects MAN AG's Hostile Takeover
Transport Topics, December, 2006 by Thomas, Chad
Truck Maker's Board Unanimously Says Rival's Bid Is Too Low
Scania AB, Sweden's secondlargest truck maker, again rejected MAN AG's hostile takeover bid as too low and said it may boost shareholder payouts to 17 billion kronor ($2.46 billion) to fend off its German rival.
"The board confirms that it continues to unanimously recommend Scania shareholders not to accept the offer," the Sweden-based truck maker said in a Nov. 24 statement.
The board said Scania can pay shareholders 50 kronor per share, including the regular dividend, next year in addition to the 35 kronor per share in 2006 already announced.
MAN, Europe's third-largest truck maker, last month set a Dec. 11 deadline for Scania investors to tender their shares. The German company in October raised...
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