Piech chess game nears climax as he joins Scania board
The appointment of Volkswagen’s chairman Ferdinand Piech to the board of Scania has increased the likelihood that the German giant will soon be able to bring together a merger with its two truck concerns. VW raised its stake in fellow German manufacturer MAN SE to 73% in April and with Piech now replacing Gunnar Larsson […]
A merger between Scania and MAN draws ever closer
The appointment of Volkswagen’s chairman Ferdinand Piech to the board of Scania has increased the likelihood that the German giant will soon be able to bring together a merger with its two truck concerns.
VW raised its stake in fellow German manufacturer MAN SE to 73% in April and with Piech now replacing Gunnar Larsson on Scania’s executive committee its long-standing ambitions appear to be close to being realised.
The 75-year old Piech was voted onto the board of Scania at the Swedish company’s shareholder AGM held earlier this week. The appointment now means that VW can begin manoeuvring the two companies together.
It appears likely that should VW reach a 75% holding in MAN then it would be free to pursue a domination agreement with the company, which would effectively give it direct control over the company’s direction.
“All options are open to us when it comes to the further structuring of an integrated commercial-vehicles group,” VW Chief Executive Officer Martin Winterkorn told shareholders. “What matters most is close, mutual collaboration between the different brands, and this is something we have significantly stepped up in recent weeks and months.”
