Porsche Confirms Mandatory Offer for Scania

Following the increase to above 50 percent in Volkswagen shares, Porsche today confirmed it made the mandatory offer for Swedish truck manufacturer Scania but denies it is interesting in acquiring shares within this company. That's why Porsche offered only the minimum prices required by the law, the German automaker said in a statement for the press, “namely 68.52 kronor per A share and 67.10 kronor per B share of the truck manufacturer.” A decision is expected to be announced between January 21 and February 10, the company added.

“The total value of the Scania shares to which the mandatory offer relates amounts to approximately 31.6 billion kronor (approximately EUR 2.8 billion). The offer price for both series of shares is calculated on the basis of the volume-weighted average stock exchange price of the relevant share during the 20 trading days up to and including 2 January 2009, the last trading day before the acquisition of indirect control of Scania,” Porsche stated.

Porsche announced on January 5, 2009 that it increased its stake in Volkswagen to 50.76 percent which also brought it indirect control over the Swedish truck maker Scania. Volkswagen currently holds a 69 percent stake of Scania. “The Stuttgart-based company was therefore obliged to announce a mandatory offer for those Scania shares that are not under its direct or indirect control,” Porsche explained the Swedish legislation.

However, the German sports car manufacturer again explained that it has absolutely no interest in buying Scania shares as the truck manufacturer is not included in Porsche's long-term plan. “Porsche has no strategic interest in acquiring Scania shares and is therefore offering only the minimum prices required by law,” it said in the statement.