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MAN's Scania bid stalls T&G shifts focus to over value of the offer boost drivers' pay
Page 6
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MAN'S BID to take over its rival Scania has hit further problems after Scania reported the German firm to Swedish stock market regulators for malpractice.
MAN launched a new offer to acquire Scania last week — Scania had rejected its first offer because the Swedish firm felt it had been undervalued.
The takeover battle has now become even more bitter; Scania has reported MAN because its latest offer is lower than MAN had said it would be. This breach occurred due to exchange rate movements;.
Unions representing Scania workersare also unhappyabout the takeover bid. The union ICI Metall has an agreement with MAN that protects workers from dismissal until 2012. but the Swedes have no such agreement. With MAN committed to major cost savings. Swedish workers fear they would he the first to go.
lithe takeover takes place. MANI Scania would be the third largest truck manufacturer in the world.