Arab Today, arab today scania snubs volkswagen takeover bid
Last Updated : GMT 02:18:28
Arab Today, arab today
Arab Today, arab today

Scania snubs Volkswagen takeover bid

Arab Today, arab today

Arab Today, arab today Scania snubs Volkswagen takeover bid

Stockholm - AFP

Swedish truck manufacturer Scania on Tuesday rejected a multi-billion-euro takeover bid from Europe's biggest carmaker Volkswagen, saying the offer did not reflect the company's true value. Volkswagen last month offered 6.7 billion euros ($9.3 billion) to acquire the nearly 40 percent of Scania it does not already own. But Scania's board of directors recommended to shareholders not to part with their stock at that price. "Based on the long-term prospects of Scania, its growth outlook, technological excellence and the synergy potential, the committee believes the offer does not reflect the long-term fundamental value of Scania," the board wrote. "Scania is a world leader in its industry and the Committee has strong faith in the business plan set out by the company," added the board in a statement. Volkswagen currently has nearly 90 percent of voting shares in Scania, and owns 62.6 percent of the company. The German giant already owns truck- and bus-maker MAN and bought into Scania in 2000. It had previously said that it could make annual savings of 650 million euros through synergies by taking full control of the Swedish company. Investors did not appear to welcome the news, sending Scania stock down some three percent at the open, compared to a wider Swedish market decline of only 0.17 percent.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today scania snubs volkswagen takeover bid Arab Today, arab today scania snubs volkswagen takeover bid

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today scania snubs volkswagen takeover bid Arab Today, arab today scania snubs volkswagen takeover bid

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday