Wednesday 4th February 2009

Porsche Offer for Scania 'May Succeed'

A token offer for the truckmaker may succeed after its shares drop

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Sports car manufacturer Porsche could end up as a major shareholder in Scania after the Swedish truckmaker’s shares plummeted, it has been reported. Under Swedish law Porsche was required to make a bid for Scania after it increased its stake in Volkswagen, which controls Scania.

However as Porsche stated it had no strategic interest in the lorry manufacturer it made the minimum offer possible. But Scania’s share prices have now dropped below the mandatory offer and analysts believe that shareholders would be likely to tender their shares, cementing Porsche's €2.8bn takeover offer for Scania.

'As long as the share price is below the offer price, people will tender,' Max Warburton, analyst at Sanford Bernstein, told the Financial Times. Scania yesterday reported a 50% drop in its fourth-quarter results.

‘I would not be surprised if Porsche will end up with almost all of the free float,’ Arndt Ellinghorst, analyst at Credit Suisse, added.

Meanwhile Porsche is expected to reach an agreement with banks on extending a 10 billion-Euro loan facility to help fund its purchase of stock in VW.

[willcrookz]

Is it FWD?

[asbo]

Is what?

[dubbs]

Now THAT will trump a Range Rover... don't design a new Cayenne, just stick a Porsche badge on the front of a SCANIA!!!!

Fuel tank? 4,500 litres sir...

[Fetchez la vache]

Jokes aside, I doubt labelling the Cayenne a scania would sell as many units, since the reason half of them were bought in the first place seems to be school mum badge snobbery. which is a shame as it's an amazing piece of kit.

[wab172uk]

Porsche need a 10 Billion Euro loan? Didn't they just make £18bn curtesy of the Hedge funds?

Scania GT3 RS. No faster way of getting your goods from the warehouse to the shops.

Untill that is they release a Scania GT2 RS.

[Scuffers]

wab172uk said:

Porsche need a 10 Billion Euro loan? Didn't they just make £18bn curtesy of the Hedge funds?

No, 6B Euro apparently, they then turned that round into more VW shares.

the money the hedge funds lost was not all into Porsche's pockets.

[Deva Link]

Fetchez la vache said:

Jokes aside, I doubt labelling the Cayenne a scania would sell as many units, since the reason half of them were bought in the first place seems to be school mum badge snobbery. which is a shame as it's an amazing piece of kit.

OK.

[teadazed]

wab172uk said:

Porsche need a 10 Billion Euro loan? Didn't they just make £18bn curtesy of the Hedge funds?

Scania GT3 RS. No faster way of getting your goods from the warehouse to the shops.

Untill that is they release a Scania GT2 RS.

Not really sure a stripped out lorry with a roll cage in place of the load would be all that practical though.
Having said that a lorry that could do the ring in sub 8 mins would be pretty cool.

[sprinter885]

Was it the President of Fiat who was forecasting that there would only be a handful of car manufacturers in future ?
I assume he included Porsche as one of them (or it might have been put as VAG-same thing)

I guess if they move into HGV's that could strengthen their position-although I too am surprised that they need to talk about borrowing after the VW share thing.

[Garlick]

Cayenne diesel lump sorted then. Powered by Scania.

[life-in-old-dog]

Top of the range would of course be the awesome Scania JIT [pronounced 'GT' of course!]

[Deva Link]

Garlick said:

Cayenne diesel lump sorted then. Powered by Scania.

They've got one already.

[varsas]

Deva Link said:

Garlick said:

Cayenne diesel lump sorted then. Powered by Scania.

They've got one already.

Yeah, but it's the rubbish (in that size/type of vehicle) V6, not really good enough, when announced I assumed it would be the V10 toureg unit.

[srob]

They may need a bigger carpark at Porsche owners club rallies in the future then

[leon9191]

The VAG already owen MAN/EFR truck so they are already in the heavy good vehical business.

Porka world must be the plan

[Mike Rob]

Scania Trucks re-branded as Porsche. Now that's got to worry a few top end truck boys, eg Mercedes.

[Wadeski]

Shame it wasnt Saab they bought....

[Mike Rob]

Wadeski said:

Shame it wasnt Saab they bought....

Now there's a thought. Buy Saab, re-brand the Panamera as a Saab and it will sell buckets!

[mybrainhurts]

One thing we really need is truckers thinking they're driving Porsches...

[StevenJJ]

The whole Porsche thing is seeming top-heavy to me now; the article reads as if Porsche themselves are becoming uncomfortable.