MAN increases sway over Sweden's Scania
The German heavy truck maker MAN said on Wednesday it had raised its voting rights access in Swedish counterpart Scania to more than 20 percent, and emphasized its strategic interest in the firm.
The move could be a further step towards merging the two groups under the aegis of Volkswagen, which has major shareholdings in both. By exercising options and "together with its existing interest of 13.35 percent and 17.22 percent of the voting rights, MAN now has access to more than 20 percent of all the voting rights offered by Scania's capital," a stock
market statement said.
"This move by MAN underscores the company's long-term strategic interest in its Scania investment," it added.
MAN could be headed for a tie-up with Scania because Volkswagen, which is the dominant shareholder in both groups, was said to be keen on a merger that would create the biggest European maker of heavy trucks. VW has reportedly favoured a three-way tie-up that would also include its own Brazilian truck manufacturing unit.