MAN-Scania. No More. Official.
MAN is to ask Swedish regulators for permission to withdraw its takeover offer for Scania.The German OEM is quoted as saying that it is clear that the conditions of the offer will not be met by Jan 31st when the offer is due to close.It said that discussions between VW, Investor AB and MAN have shown that there is 'an industrial logic' behind a combination of MAN, Scania and Volkswagen Heavy Trucks. This could not be achieved by way of the current offer given that both VW and Investor have rejected it.This is rather a good example of how not to do things. Minutes before the official press release was made public, Forbes reported that Munich appeared to be in a state of abject denial.Scania is obviously not displeased by this. Not only has it seen off an unwelcome bid, but it has also made one of its key competitors look rather foolish. Its response has an air of smugness to it, but it will be interesting to see quite what happens to its stock price when the markets absorb the news. None of this comes as any real surprise. Granted, there is still talk of a 'friendly' deal, but, to our way of thinking, there is enough bad blood between the protagonists to preclude this. So how long before MAN turns its attentions to Navistar? And now might also be a good moment to ponder just how unwavering Fiat’s support is for Iveco, especially in the light of this report detailing the Italian carmaker's changes to its corporate structure.
Farrall's golden Globetrotters
Chester-based Edwin C Farrall Transport is celebrating its golden anniversary by buying two Volvo FH12 6x2 Globetrotters.
The distribution, storage and warehousing firm began life in 1956 with a single truck; it now runs 28 trucks out of three sites.
Edwin C Farrall is a member of the Palletforce pallet network.