The independent committee, which excludes directors with direct ties to the German rival, argues that the offer “does not reflect the long-term fundamental value of Scania and a fair share of the expected synergy potential.”
The announcement points to strong disagreements within the leadership ranks at the Swedish truck maker, after Volkswagen moved to secure total ownership. The German company and its truck subsidiary MAN currently hold nearly two-thirds of Scania’s stock.
“Scania is a world-leader in its industry and the Committee has strong faith in the business plan set out by the company,” said Asa Thunman, chairman of Scania’s independent committee.
VW reportedly estimated that a formal buyout would help the companies save more than 650 million euros (~$904 million USD) annually. The move would help the German automaker better compete with rivals Volvo and Daimler in the commercial truck market.
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