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SCANIA

MAN presents hostile bid

German industrial group MAN on Thursday formally presented its €9.6 billion (12.3-billion-dollar) hostile takeover bid for Swedish truckmaker Scania.

Published: 16 November 2006 11:06 CET

The offer is dependent on MAN gaining acceptance on behalf of 90 percent of Scania’s shares and would run from November 20 until December 11, the German group said.

In mid-September MAN unveiled its offer in an attempt to create the world’s biggest truckmaker ahead of Volvo and DaimlerChrysler.

The offer was immediately rejected by Scania and its main shareholders, German carmaker Volkswagen, which holds 34 percent of voting rights, and the Wallenberg family, which holds 29.8 percent of voting rights through its various foundations and its holding group Investor.

The formal announcement of the terms means that MAN is pressing on despite hints in some Scania quarters that an alliance could emerge if the bid were withdrawn.

MILAN

Berlusconi cools AC Milan takeover talk

AC Milan owner and president Silvio Berlusconi has admitted he has no "desire" or "need" to sell the fallen Serie A giants despite recent reports claiming the club would soon be in Asian hands.

Published: 18 May 2015 08:27 CEST
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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