Scania Evaluates Volkswagen Buyout Offer
At an extraordinary board meeting in Scania the board of Scania – excluding Martin Winterkorn, Hans Dieter Pötsch, Francisco J. Garcia Sanz, Leif Östling and Ferdinand K. Piëch – has decided to appoint an independent committee, consisting of the board members Åsa Thunman (chairman of the committee), Peter Wallenberg Jr, Peter Abele, Johan Järvklo and Håkan Thurfjell to evaluate the offer by Volkswagen (VOW.BE) and to take such resolutions in relation to the offer as are necessary.
Scania adds that the independent committee will announce its opinion of the offer, including the reasons for the opinion, and valuation opinions – fairness opinions – from independent experts not later than two weeks before the expiry of the acceptance period.
The independent committee has appointed advisers of its own for legal, financial and communication issues.
Scania is one of the world’s leading manufacturers of trucks and buses for heavy transport applications, and of industrial and marine engines.
Employing some 41,000 people, the company operates in about 100 countries. Research and development activities are concentrated in Sweden, while production takes place in Europe and South America, with facilities for global interchange of both components and complete vehicles.