LONDON - The takeover battle between the German truck maker MAN and its Swedish counterpart Scania took an unexpected turn yesterday after Volkswagen snapped up a 15 per cent stake in MAN in an apparent attempt to push through a friendly merger.
The German carmaker already owns a 34 per cent stake in Scania and has publicly opposed the hostile US$9.6 billion ($14.47 billion) bid tabled by MAN in mid-September as not representing fair value.
VW yesterday paid an estimated US$1.5 billion for its shareholding in MAN, giving it an important say in both truck makers.
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VW tries to steer truck makers
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