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TRUCKMAKERS NEWS * Sweden: VW bid for Scania
1 * Stockholm - Pension Fund rejects VW bid for remaning Scania shares
Stockholm,Sweden -The WSJ (USA), by Christina Zander -April 10, 2014: -- Swedish pension fund and Scania shareholder Fjärde AP-fonden has rejected Volkswagen's offer to buy the remaining shares in the Swedish truck maker... Fjarde AP-fonden, which owns 0.6% of Scania's capital, is the second institutional owner to reject Volkswagen's offer... Volkswagen, which already owns 62.6% of the Swedish truck maker, in February launched a SEK200 ($30.78) per share offer for the stake it didn't own. The bid, valued above $9 billion, to take full control of Scania is part of a broader plan by Volkswagen to integrate its commercial vehicle operations, which include Scania, MAN and Volkswagen trucks... Fjarde AP-fonden's rejection follows a recommendation from an independent committee of Scania board members, which last month said the offer didn't reflect the long-term value of the company based on its growth prospects, technological ability and the potential synergies from the deal... Swedish pension fund AMF, which owns 0.83% of Scania's capital, last week officially rejected Volkswagen's offer, saying the deal didn't reflect long-term value... Volkswagen said Scania shareholders have until April 25 to accept the offer and if the German car maker fails to obtain 90% of Scania's capital it could withdraw the offer...
2 * Stockholm - Volkswagen gets boost in bid for Scania GAMCO Asset Management will tender its shares in Swedish truck maker
Stockholm,Sweden -The WSJ (USA), by John D. Stoll, Christina Zander -15 April 2014: -- Volkswagen AG’s bid to acquire full control of Swedish truck maker Scania AB received a significant boost Tuesday as U.S.-based GAMCO Asset Management said it would back the deal. Volkswagen, which owns 62.6% of Scania, offered in February to buy out remaining shareholders for 200 Swedish kronor ($30.78) per share, representing a 36% premium over...
3 * Stockholm - Small shareholder group accepts VW bid for truckmaker Scania
Stockholm,Sweden -Alliance News -16 Apr 2014: -- Small shareholders in Swedish truckmaker Scania were Wednesday advised to accept a 6.7-billion-euro (9.2-billion-dollar) buyout offer from German automotive giant Volkswagen, while a former large owner said it would reject the offer... Investment firm Investor AB, which has close ties to the influential Wallenberg business family, said it had "no reason" not to follow the recommendation made a month ago by an independent committee of the Scania board... The five-strong committee, with no ties to VW, rejected the bid, saying it was too low... The offer translated to 200 kronor (30.4 dollars) per share. The Scania share closed Wednesday just under 185 kronor on the Stockholm bourse...
* Volvo shares at 3-year high as U.S. sales accelerate and cost cuts kick in
Stockholm,Sweden -Reuters, By Niklas Pollard and Johannes Hellstrom -April 25, 2014: -- World number two truck maker Volvo AB raised its outlook for the North American market and reported the first savings from a drive to cut costs across the sprawling group, sending its shares to their highest in nearly three years... Volvo, vying for market leadership with Germany's Daimler AG , said demand was improving in mature economies on both sides of the North Atlantic and in Japan, though emerging markets in South America and Asia were slowing somewhat... Volvo, which makes trucks under the Renault, Mack and UD brands as well as its own name, also said order intake of its trucks fell 10 percent year-on-year in the first quarter, lagging the 7 percent decline seen by analysts... Volvo shares were up 0.8 percent at 104.1 crowns by 0917 GMT, having risen as high as 105.7 crowns, their highest since mid 2011...
Labels: truckmakers news Sweden
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