Scania rejects VW offer
Scania has rejected Volkswagen Aktiengesellschaft’s (VW) public takeover offer. The committee from the CV manufacturer’s board of directors claimed the offer did not reflect the long term fundamental value of Scania and a fair share of the expected synergy potential between the two firms. It recommends its shareholders do not tender their shares. VW announced the offer on 21 February 2014, which would see it acquire all of its shares if it was agreed to. It is already a key stakeholder in the Swedish business, owning 62.6% of its shares.
Chairman of the committee, Åsa Thunman, said, ‘Scania is a world leader in its industry and the committee has strong faith in the business plan set out by the company. Our assessment is that the current offer does not reflect the long term value of the company and a fair share of the synergies.’