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Gelman deal for Enasa
Page 6
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• The four-way race to snap up Pegaso ended last Friday, when the Spanish Government accepted a £206 million bid by MAN and Mercedes-Benz to acquire 80% of the Spanish truck builder.
MAN will acquire 60% of the new joint venture; MercedesBenz will own 20% and the Spanish state company Enasa will retain 20%.
The future of Seddon Atkinson, which is owned by Pegaso, has not yet been decided.
The Pegaso name will continue to be used for the Spanish-built trucks, says MAN, which also acquired 80% of Steyr Trucks in September.
MAN says it will probably take responsibility for marketing heavy trucks above 7.5 tonnes, leaving Mercedes to control the sale of light vehicles.
These acquisitions will boost MAN's heavy truck sales to at least 30,000 next year it says, which would make it Europe's third largest manufacturer above 16 tonnes. "We hope to reach a 15% share of the market in this weight class," says the company, which plans to sell trucks bearing its own name in Spain through the Pegaso network.
Other bids for Pegaso had been made by Fiat, on behal of Iveco, Dal and Volvo. A spokesman for Leyland Daf says the link-up between AC and Mercedes-Benz in the Enasa sale is a "very signific development".
Volvo, which is involved discussions with Renault on possible merger, says it has made a bid for Saab-Scania, which is currently talking to Fiat about co-operation in ca production.