Porsche bids for Swedish truck maker Scania

Porsche bids for Swedish truck maker Scania
AFP
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First Published: Mon, Jan 19 2009. 03 51 PM IST
Updated: Mon, Jan 19 2009. 03 51 PM IST
Berlin: Germany’s luxury sportscar maker Porsche said on Monday it was making a €2.8 billion ($3.7 billion) bid for Swedish truck firm Scania.
Porsche added, however, that it had “no strategic interest” in Scania and that the takeover bid was a legal requirement following its acquisition of more than 50% of Volkswagen earlier this month.
As Volkswagen holds more than 30% of Scania, Porsche indirectly became the majority shareholder in Scania.
Swedish takeover law obliges Porsche to bid for the remaining shares not under its direct control through the Volkswagen deal, the statement said.
Porsche - the maker of the iconic 911 sportscar - said Scania’s shareholders had from 21 January to 10 February to accept their offer for the shares.
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First Published: Mon, Jan 19 2009. 03 51 PM IST