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Big European auto merge abandoned
Calcutta News.Net
Saturday 15th September, 2007
Plans to merge Swedish truck-maker Scania with Germany's MAN and parts of Volkswagen have been abandoned.
Talks to create Europe's largest heavy truck-maker failed to make headway when Scania set out conditions which MAN and VW could not accept.
Scania insisted on being the senior partner of the merged group with its headquarters in Sweden.
Also, MAN shares have been performing better than Scania's, making a merger less attractive.
Volkswagen owns a 34-percent stake in Scania and a 30-percent stake in MAN, while MAN holds a 14.8-percent stake in Scania.
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