Porsche on Tuesday neared its goal of controlling a €130bn ($175bn) European car and truck empire as it increased its stake in Volkswagen to more than 50%, sparking a mandatory takeover offer for the truckmaker Scania. The German sports carmaker, reiterated it had no strategic interest in Sweden’s Scania and was likely to make a low offer. VW owns 69% of Scania, and Porsche is now required by Swedish law to make a mandatory offer for the truckmaker. Swedish regulators are expected to name the bid price for Porsche shortly and after a maximum of five weeks, shareholders in Scania should receive the published bid.

This entry was posted by Gwen Robinson on Wednesday, January 7th, 2009 at 5:40 and is filed under Capital markets, M&A. Tagged with porsche, scania, volkswagen. Edit this entry.