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            october 23, 2019

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Busworld 2019

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Scania reject MAN's modified offer


The Board of Scania, having consulted its financial advisers, has rejected MAN's modified offer.
The Board felt that, as in the case of MAN's initial offer, the modified offer substantially undervalues Scania, in particular in two principal respects:
The earnings outlook for the standalone company is significantly above current market consensus;
MAN's announced synergies materially underestimate the true long term synergy potential of the combination.
The Board of Scania indicated to MAN yesterday that it was open for discussions between the two management teams provided MAN withdrew its offer. The Board regrets that MAN has decided to maintain the hostile nature of its offer. Because of conflict of interest the representatives of Volkswagen on Scania's Board have and will abstain from participating in any decisions regarding MAN.

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