Porsche announces mandatory offer for Scania
January 21, 2009 by Matt Brogan
Following the increase in Volkswagen shares to 50.76 per cent, Porsche today announced its mandatory offer in Sweden for Scania.
However, Porsche has no strategic interest in acquiring Scania shares and is therefore offering only the minimum prices required by law.
The transfer of title to the Scania shares tendered pursuant to the mandatory offer, the so-called settlement, is envisaged to take place on 20 February 2009 and is being fully financed from the existing liquidity of Porsche.
As a direct result of the increase in shares, and the fact that Volkswagen’s interest in Scania exceeds the statutory threshold of 30 per cent of all voting rights, Porsche acquired indirect control of Scania according to Swedish takeover law. The Stuttgart-based company was therefore obliged to announce a mandatory offer for those Scania shares that are not under its direct or indirect control.
In light of this, the mandatory offer extends to all Scania shares which are not held by Volkswagen or any other company directly or indirectly controlled by Porsche.
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*****PRIMO!*****
Porker already build a bit of a truck in the ToeRag clone, Cayenne.
NFI what they want to do with a full size Swedish tractor?
Must have some plans in the works?
Cheers
F-0
By the way, anyone know why there aren’t any Porsche reviews at all on this site?
The article pretty much says Porsche have no interest in Scania, but were required to take over because their level of stock went up when they purchased VW. If they have any plans, it would probably be to offload it to someone else at the first oppurtunity.
And with VW recently selling their Brazilian truck division, it’s pretty clear the group doesn’t want anything to do with trucks.
Scania is a very good truck brand. Very strong, tough and reliable trucks they make.