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TRUCKMAKERS' NEWS * WORLDWIDE
* Germany - VW pays Porsche 395 mln eur for Scania shares
Frankfurt,Germany -Reuters, by Christiaan Hetzner & Karen Foster -Feb 13, 2009: -- Investors tendered 395 million euros ($504 million) worth of shares and roughly 2.34 percent of the votes in Swedish truckmaker Scania to Porsche SE, which then promptly sold them to Volkswagen (VW) at the same price... Following its acquisition of majority control in VW, which had controlled 69.5 percent of Scania votes, Porsche was forced to make a mandatory offer to buy out minorities in the Swedish truckmaker... Although it offered the legal minimum in order to receive as few shares as possible, Porsche stockholders had been afraid the company would waste precious liquidity buying Scania shares, after the market price fell below the bid of 68.52 crowns ($12.40) for A shares and 67.10 crowns for B shares... The offer valued the truck maker at 31.6 billion crowns, a level which Scania's board said earlier this month did not reflect the long-term value of the company... As was expected, VW bought the shares from Porsche for the same price the sports car maker had paid, which built its stake to 71.8 percent of the votes. VW said that the transaction would be settled in the near term. ($1=.7840 Euro) ($1=5.525 Crown)...
* India - Truck makers seek govt sops
Mumbai,India -msn.com/business -February 13, 2009: -- Even as passenger car leaders Maruti and Hyundai report an uptick in sales, it could take commercial vehicle operators as long as six months to recover unless government policy changes to stimulate the sector... Tata Motors says that the government could incentivise and help other manufacturers who are also seeing slow sales no wonder then that auto companies forced to cut production and jobs are looking at help in the domestic market... Tata Motors saw a 9% reduction in overall sales for January Mahindra & Mahindra also showed a 17% slowdown for the same time. Tata Motors CV sales were down by 43% while Mahindra's tractor sales shrank by about 15%... With interest rates coming down, even a marginal boost to spur demand in the commercial vehicle space will have a cascading impact in these times of slowdown...
Labels: truckmakers news worldwide
posted by Unknown @ 10:36 AM
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