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Porsche makes required bid for Sweden's Scania | detnews.com | The Detroit News |
BERLIN -- Porsche SE has made a mandatory takeover offer for Sweden's Scania.
Monday's move is required by law after Porsche took indirect control of the truckmaker earlier this month. But it is making clear it is only going through the motions and has no "strategic interest."
Porsche said earlier this month that Swedish law required it to make an offer for Scania after it upped its holding in Volkswagen AG to more than 50 percent. That gave it indirect control of the truckmaker.
Volkswagen controls about 68.6 percent of the votes and around 37.7 percent of the capital in Scania. VW, which also is the biggest single shareholder in Scania's German rival MAN AG, is pushing for closer cooperation between the two companies under its own guidance.
[source]
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