VW Financial Chief: No Reason To Make Full Bid For Scania
Monday March 3rd, 2008 / 12h27
STOCKHOLM -(Dow Jones)- Volkswagen AG (VOW.XE )Chief Financial Officer Dieter Poetsch said Monday there was no need to make a full bid for Scania AB (SCV-a.SK) after the German automaker became the Swedish truckmaker's majority shareholder. "We are pragmatic people, we're happy with the steps we have taken," he said in an interview on the sidelines of a press conference in Stockholm. Earlier Monday, Volkswagen said it had reached an agreement with Investor AG (INVE-B.SK) and the Wallenberg Foundations to buy their stakes in Scania for SEK200 a share in cash. Volkswagen will add around 134.7 million A-shares in Scania to its books, raising its stake to 68.8% of the voting capital. Volkswagen's stake in the Swedish truck maker will increase to 37.73% of the company's share capital. Poetsch said a potential tie-up with MAN AG (MAN.XE) hadn't been part of the discussions, but said he did see synergies. "Don't expect anything in the short term," he cautioned, adding that MAN and Scania were highly profitable companies, sitting on record orderbooks. Poetsch also said MAN won't a have representative on Scania's board. VW holds 29.9% in the German truck maker and engineering company, making it the biggest single shareholder in both MAN and Scania. MAN said last month that it holds 13.25% of Scania's share capital, but swapped some of its shares for shares with more voting power. MAN is currently Scania's third-biggest shareholder with voting stock of 17%. Company Web sites: http://www.volkswagen.com http://www.scania.com -By Jenny Clevstrom, Dow Jones Newswires; +46-8-5451-3097; jenny.clevstrom@dowjones.com
Les Bourses européennes ont clôturé en ordre dispersé vendredi mais sur une note globalement négative pour la troisième séance d'affilée, dans des échanges peu animés en l'absence...
Wall Street a clôturé en forte baisse jeudi, après la publication de chiffres de l'emploi pires que prévu et qui font douter du scénario d'une reprise rapide. La clôture a été...
La Bourse de Tokyo a fini en baisse de 0,61% vendredi, au lendemain de chiffres de l'emploi américain venus raviver les inquiétudes des investisseurs quant à l'état de l'économie...
Un consortium emmené par le britannique BP et comprenant le chinois CNPC a remporté le contrat d'exploitation du plus important champ pétrolifère d'Irak, a annoncé le ministre...
