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TRUCKMAKERS' NEWS * WORLDWIDE
* Europe - Porsche triggers Scania offer with VW stake
Stuttgart,Germany -The Financial Times (London,UK), by Richard Milne -January 6 2009: -- Porsche on Tuesday came closer to its goal of controlling a €130bn ($175bn) European car and truck empire as it increased its stake in Volkswagen to more than 50 per cent, sparking a mandatory takeover offer for the truckmaker Scania... Porsche, the financially nimble German sports carmaker that builds only a 60th of the cars of VW, reiterated that it had no strategic interest in Sweden’s Scania and was likely to make a low offer... VW owns 69 per cent of Scania, and Porsche is now required by Swedish law to make a mandatory offer for the truckmaker... Swedish regulators are expected to name the bid price for Porsche shortly. After a period of at most five weeks, shareholders in Scania should receive the published bid... Porsche’s takeover offer for Scania is likely to be about 15 per cent under the current share price, according to analysts at Morgan Stanley...* Germany - Daimler Forms Truck Venture with Chinese Firm
Stuttgart,Germany -Bloomberg/Transport Topics (USA) -7 Jan 2009: -- Daimler AG and China’s Beiqi Foton Motor Co. have agreed to form a venture in Beijing to make trucks and engines, Bloomberg reported Wednesday... Under the approximately $929 million venture, Daimler and Foton, China’s biggest truck maker, will each own half of Beijing Foton Daimler Automotive Co... The partners will form the venture in August, start engine production in 2011 and begin making trucks in 2012...
* India - Sumitomo to make Indian truckmaker Swaraj Mazda subsidiary
New Delhi,India -ANTARA News/Asia Pulse -7 Jan 2009: -- Japan's Sumitomo Corp. will raise its stake in midsized Indian commercial vehicle maker Swaraj Mazda Ltd. to 53.5 per cent, turning the company into a subsidiary... The major trading house will increase its interest from 39.5 per cent by purchasing the stake of Swaraj Mazda's second-largest investor, a unit of Indian automaker Mahindra and Mahindra Ltd., on Tuesday for roughly 400 million rupees (US$8.3 million). Sumitomo became Swaraj Mazda's leading shareholder after Mazda Motor Corp . ended its capital relationship with the Indian company...
Labels: truckmakers' news Europe
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