VW tries to steer truck makers

LONDON - The takeover battle between the German truck maker MAN and its Swedish counterpart Scania took an unexpected turn yesterday after Volkswagen snapped up a 15 per cent stake in MAN in an apparent attempt to push through a friendly merger.

The German carmaker already owns a 34 per cent stake in Scania and has publicly opposed the hostile US$9.6 billion ($14.47 billion) bid tabled by MAN in mid-September as not representing fair value.

VW yesterday paid an estimated US$1.5 billion for its shareholding in MAN, giving it an important say in both truck makers.

- INDEPENDENT