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The merger soap opera so far
Page 7
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13 September 2006 MAN confirms it is interested in taking over Scania, stating: 'MAN believes the rationale behind combining MAN and Scania is compelling and confirms its interest in such a combination."
At this time VW was Scanials largest shareholder, 18 September 2006 Scania rebuffs MAN's £6.5bn takeover bid. It is "unanimously" rejected by Scania's board and turned down by its largest shareholders Investor and Volkswagen.
October 2006 Things hot up when MAN buys a 14.27% stake in Scania. Scania calls the situation a hostile takeover bid. VW buys a 15% stake in MAN and gives the two truck manufacturers four weeks to come to an agreement. If none is reached. it says it will back a hostile takeover bid from either manufacturer. At the same time MAN ups its bid by 7% bringing it to just under £7bn. Again, the bid is immediately rejected on the grounds that it undervalues Scania in terms of its earnings outlook and synergy potential.
Late November 2006 Another takeover bid is rejected, once again on the grounds that long-term synergies are undervalued. Unions representing Scania's workers claim production jobs would be lost in a merger, which MAN denies.
23 January 2007 MAN withdraws its takeover offer, much to the delight of Scania.
26 February 2007 Volkswagen ups its stake in MAN with the aim of a three-way synergy between its South American truck operation, Scania and MAN. 7 March 2007 Volkswagen increases its stake in Scania.