Business Services Industry
Swedish Scania shareholders close ranks against MAN AG
Nordic Business Report, Nov 20, 2006
NORDIC BUSINESS REPORT-20 November 2006-Swedish Scania shareholders close ranks against MAN AG(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
Swedish truck maker Scania's main Swedish shareholders, the industrial investor Investor AB and the Wallenberg Foundations, announced on Friday (17 November) a cooperation agreement with respect to their shareholding in Scania, currently the target of a hostile takeover attempt by German truck maker MAN AG.
The combined holding of Investor and the Wallenberg Foundations corresponds to 30.6% of the votes and 16.8% of the capital. Scania's main shareholder, Volkswagen AG, holds 34% of the votes, in addition to which it holds 20% of the shares of MAN, which in turn holds 14% of the votes of Scania.
"The reason for the co-operation is that Investor and the Wallenberg foundations wants to take a clear role in the ongoing discussions regarding Scania's future, with the objective to find an industrially sound solution for Scania and all of Scania's shareholders," Investor said in a statement.
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