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Wallenbergs could be forced to bid for Scania

The Swedish Financial Supervisory Authority is to look into whether the fact the Wallenberg family controls 30 percent of the votes in Scania obliges it to make a bid for the truck maker, Dagens Industri reported.

Published: 9 November 2006 10:27 CET

After purchases on Tuesday, Investor AB has a 20.01 percent voting stake in Scania, and together with the Wallenberg foundations, the Wallenbergs control 30.6 percent of the votes in the truck maker.

The Wallenberg foundations own 46.6 percent of the votes in Investor, and the foundations also have a direct 9.7 voting stake in Scania.

A 30 percent voting stake usually obliges the holder to make a bid.

“Potentially, this could trigger a mandatory bid,” Annika von Haartman at Sweden’s FSA was quoted as saying by the newspaper.

Investor claims the foundations are acting separately from Investor and hence the 30 percent bid rule is not applicable.

“We at Investor are acting independently according to what we think is best. The foundations also have to act according to what they think is best,” Fredrik Lindgren, a spokesman for Investor said, according to Dagens Industri.

AFX

Berlusconi cools AC Milan takeover talk

AC Milan owner and president Silvio Berlusconi has admitted he has no "desire" or "need" to sell AC Milan. Photo: Giuseppe Cacace/AFP

Berlusconi admitted in an interview with La Gazzetta dello Sport on Saturday he has been in talks with Chinese Head of State Xi Jinping about possible investment from the country in the seven-time European champions.

But two weeks after it was announced a majority stake in the club would soon be sold to Thai businessman Bee Taechaubol, Berlusconi continues to keep fans guessing as to his intentions for the once mighty Rossoneri.

The former two-time Italian prime minister conceded the arrival in the sport of wealthy investors from oil-producing nations such as Qatar had compounded his fight to keep Milan, one of the world's top clubs, on a level playing field with their European rivals.

But despite Milan's recent fall from grace that is likely to see them once again miss out on European football next season, his plans to sell the club he steered to unprecedented success in Europe during their 1990s heyday appear to have cooled.

“Right now I don't know how the situation could develop,” Berlusconi told the Italian sports daily when asked about recent negotiations with investors from China.

“Beyond the rapport we created in political terms, Xi (Jinping) has shown the utmost respect for Italian football.

“But let's be clear: I have no desire, intention or need to sell Milan.

“Although it is true that since the arrival of petrodollars and investors from Qatar, it has become very difficult for family-run clubs to support such an economic burden.”

A fortnight ago Berlusconi was said to be on the verge of selling a 51 percent stake in the club to Bee, the executive director of a south-east Asian private equity group, for an estimated €500 million ($550 million).

That deal appears to have been put to one side, at least temporarily, but Berlusconi hinted his search for potential partners who could bring significant investment without him being forced to give up a majority stake is still ongoing.

He added: “If my family can't resolve the club's problems on its own, then I will have to to find investors capable of contributing to the relaunch of Milan.

“If we can't find buyers, it's up to me to try and relaunch the club. If we do bring in new investors who want me to remain in my role, then I will collaborate with those who do come in to help take Milan back to the position we deserve to be in.”

Milan's city rivals Inter are already in the hands of Asian owners, Indonesian tycoon Erick Thohir having bought a 70 percent stake in the Serie A giants in November 2013.

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