VW finally makes offer for MAN
By Maria Sheahan |
May 10, 2011, Tuesday
|
Print Edition
Print Edition
VOLKSWAGEN made a long-awaited bid for MAN, valuing it at US$20 billion and stepping up plans to merge the German truck maker with Swedish rival Scania in which it also holds a stake.
Volkswagen, Europe's biggest car maker, said yesterday it would offer MAN shareholders 95 euros (US$137) per ordinary share and about 60 euros per preference share, in both cases less than the stock was trading last week ahead of the bid.
"This low-ball offer serves to start the takeover process but still has maximum flexibility," MM Warburg analyst Marc-Rene Tonn said.
The offer, which values MAN at 13.76 billion euros, was triggered when Volkswagen increased its stake above 30 percent, requiring a mandatory bid for the remaining shares under German rules.
Volkswagen, Europe's biggest car maker, said yesterday it would offer MAN shareholders 95 euros (US$137) per ordinary share and about 60 euros per preference share, in both cases less than the stock was trading last week ahead of the bid.
"This low-ball offer serves to start the takeover process but still has maximum flexibility," MM Warburg analyst Marc-Rene Tonn said.
The offer, which values MAN at 13.76 billion euros, was triggered when Volkswagen increased its stake above 30 percent, requiring a mandatory bid for the remaining shares under German rules.
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