Enasa bids for Seddon
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SEDDON ATKINSON may fall into the hands of a Spanish vehicle concern before the end of the year, if the Spanish company's parent company approves a takeover bid. Seddon declined to comment on the situation.
According to a report in last week's Financial Times, Enasa, the Pegaso vehicles concern in Spain, is interested in buying Seddon if it gets the consent of its parent company, INI, the Spanish state holding company.
Enasa said that it was keen to take over Seddon as soon as possible, so that the uncertainties hanging over the company can be cleared up.
More money would be injected into Seddon to bring it back into shape, Enasa said, but added that Seddon would keep its British manufacturer identity. The Seddon vehicles would not be built with components from Spain.
Enasa, like Seddon, used to be a subsidiary of International Harvester. INI took over Enasa when International Harvester wound up its European operations.