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Volkswagen on track * Germany - To forging trucks giant
Volkswagen has built its voting stake in Sweden's Scania to a majority, paving the way for it to forge a three-way deal with German peer MAN to create Europe's truck market leader
Germany -Reuters,. by Irene Preisinger, Andreas Moeser, Sarah Edmonds & David Hulmes -Mar 3, 2008: -- ... Here is a chronology of key events:
- August 6, 1999 - Volvo launches offer to buy Swedish peer Scania in deal worth 60.7 billion Swedish crowns ($9.8 billion)
- March 14, 2000 - European Union rejects plans by Swedish truck maker Volvo to buy Scania on competition grounds
- March 27, 2000 - VW acquires 34 percent of the votes and 18.7 percent of the capital of Scania from Investor AB for 370 Swedish crowns per A share, or around $1.6 billion
- May 25, 2000 - Volkswagen Chief Executive Ferdinand Piech becomes chairman of Scania
- September 13, 2006 - MAN discloses interest in Scania and says it wants to acquire more than a 90 percent stake for 9.6 billion euros ($14.56 billion)
- September 26, 2006 - Volkswagen, the biggest shareholder in MAN and Scania, rebuffs MAN's plan. It suggests instead a three-way alliance that would include VW's heavy truck business based in South America. Scania's second-biggest shareholder, Investor AB, also rejects a MAN takeover of Scania
- October 4, 2006 - Volkswagen acquires 15 percent stake in MAN, making it the largest shareholder in the German truck maker
- October 12, 2006 - MAN raises its offer to more than 10 billion euros and becomes Scania's third-biggest investor by buying more stock
- December 6, 2006 - Scania Chief Executive Leif Ostling likens MAN approach to a German "blitzkrieg", a remark for which he later apologizes
- January 11, 2007 - Volkswagen's supervisory board formally rejects MAN's offer for Scania and seeks a friendly deal
- January 23, 2007 - MAN withdraws its offer and agrees to seek a friendly alliance once tempers cool
- February 27, 2007 - VW raises its MAN stake to 29.9 percent. Days later it increases its Scania stake so that it holds 20 percent of its capital and 36.4 percent of the votes
- August/September 2007 - Efforts to forge a three-way accord make scant progress. Ostling calls for the new group to be based in Sweden
- February 5, 2008 - MAN says it swapped more liquid B shares with investors looking to get out of their A shares, which hold more votes, bringing Scania voting stake up slightly to 17 percent
- March 3, 2008 - VW builds its voting stake in Scania to 68.8 percent by paying around 2.9 billion euros for shares held by Wallenberg family foundations and the family-controlled Investor AB investment vehicle...
* Renault says no plans to reduce Volvo Trucks stake
Geneve,Switzerland -Reuters, by Marcel Michelson & Sudip Kar-Gupta -Mar 3, 2008: -- French carmaker Renault has no intention of reducing its 22.2 percent stake in Volvo Trucks in a new round of consolidation in the sector as Volkswagen raised its stake in Scania to 69 percent... The transaction between the German car group, Europe's biggest by number of vehicles sold, and the Wallenberg family could lead to a tie-up with truckmaker MAN in which Volkswagen also has a stake... "We have a 22.2 percent stake in Volvo Trucks and there are no plans to change that," a spokeswoman for Renault said... "It is probably the most profitable investment we have made," she said... Renault obtained the Volvo Truck stake after it sold its own Renault VI (industrial vehicles) unit to the Swedish group. A cooperation pact on passenger cars fell apart and Volvo cars is now part of Ford...
Labels: news, truckmakers news worldwide
posted by Unknown @ 10:09 AM
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