MAN says raised option on Scania's voting stock
MAN AG has bought call options on the stock of Scania AB, giving it access to more than 20 percent of the Swedish truck maker's voting rights, the German industrial conglomerate said early on Wednesday.
"This move by MAN underscores the company's long-term strategic interest in its Scania investment," the German company said in a statement without disclosing financial details.
The deal marks another step toward a three-way truck deal that analysts expect to emerge among MAN, Volkswagen and Scania.
MAN last week agreed to buy Volkswagen's Brazil-based truck and bus business in a move that will let it expand into fast-growing South America.
VW is the biggest shareholder in both MAN and Scania. VW has 68.6 percent of Scania's votes, while MAN has 17.2 percent.
MAN had acquired a 17 percent voting stake in Scania as part of its failed bid for the Swedish company launched late in 2006.
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