Porsche announced today that it makes the mandatory offer for Scania AB, Sodertalje, Sweden. Although Porsche stated that it has no strategic interest in acquiring Scania, the offer will run from 21 January 2009 until 10 February 2009. The German carmaker is offering the minimum amount required by law, which is 68.52 kronor per A share and 67.10 kronor per B share.
The Scania shares are valued at around 31.6 billion kronor, which is approximately EUR 2.8 billion. The price offered by Porsche for the Scania shares is calculated on the basis of the volume-weighted average stock exchange price of the relevant share during the 20 trading days up to and including 2 January 2009.
The transfer of title to the Scania shares tendered pursuant to the mandatory offer, the so-called settlement, is envisaged to take place on 20 February 2009 and is being fully financed from Porsche’s existing liquidity.
