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Scania eyes merger with MAN

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Scania eyes merger with MAN
Photo: DPA
15:17 CET+01:00
Swedish truckmaker Scania and Germany's MAN, both of which are partly owned by Volkswagen, are considering merging, Scania said in a statement on Monday.

Scania said it has investigated with MAN collaboration possibilities which has "shown that a full realisation of potential synergies requires a closer cooperation by combining the two companies," while maintaining the two separate brands.

"At this stage no decision has been taken, as there are a number of outstanding issues of commercial and legal nature. A decision can be made only when these issues have been resolved," added Scania.

Volkswagen owns 45.7 percent of Scania and nearly 30 percent of MAN. MAN also has a 13.4 percent stake in MAN.

Shares in MAN jumped by more than five percent in Frankfurt to €87.69 while the DAX rose 0.75 percent overall to 6,785.11 in late afternoon trade.

Meanwhile, shares in Volkswagen rose 2.46 percent to €116.80 euros and in Stockholm shares in Scania climbed 2.20 percent to 146.00 kronor.

AFP/mry

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