Volkswagen boosted his thoughts for a reconciliation of MAN and Scania, the two manufacturers of heavy weight which he is a shareholder. This project, which would make the automobile group number one European truck, was confirmed, yesterday, by interested parties, a leakage in the German weekly "Der Spiegel". On the stock market, the new lifts MAN of 6.19 and Volkswagen of 2.28.
"For some time, MAN and Scania have explored various projects in the industrial field, including commercial vehicles," said the Swedish industrial." This process has shown that, to fully realize the potential synergies, should the two companies to cooperate more closely in merging, while retaining independent brands.
More reserved, Bavarian rival talked not not a merge, but a "closer industrial cooperation", specifying that the discussions are "in a preliminary stage".
"Der Spiegel", Volkswagen to reorganize its production of trucks to the capital of Scania, and then by transferring the participation in MAN. The auto giant would be his participation in the Swedish group to a level of 75 to 85 percent, against 46 currently. He then transfer him 30 it holds in MAN. Then Scania would launch a public offer to the rest of the capital, operation that it would finance an increase in capital.
If it materializes, this scenario would see Volkswagen become European champion in the heavyweight, with 29 of the market, according to data of Acea (European Automobile Manufacturers Association), Daimler (21) and the whole Renault-Volvo (23). At the global level, MAN and Scania represent 5 of the sales of trucks, thereby reducing the gap with Daimler (11).
It would also, for Volkswagen, the culmination of a site key in its strategy on the horizon for 2018, date on which the German manufacturer wishes to exceed rival Toyota in volumes. This project has been outstanding since MAN has abandoned its hostile OPA on Scania, in January 2007. At the time, Volks-wagen to was invited in the operation by taking a stake in the two manufacturers, because it was an interest to combine activities of industrial vehicles, in Europe and the Brazil.
Since then, negotiations have advanced on the industrial plan. Scania, for example, studied the possibility of adapting its manual boxes so they can be used in trucks MAN. Conversely, Sweden wishes to use the axles of its partner for its vehicles from 36 to 44 tonnes. Finally, the two groups want to share their research on the hybrid, both components for heavy goods vehicles for the bus.
But on the capital plan, nothing has changed for almost four years. The scenario evoked the "Spiegel" seems quite likely in the eyes of analysts. "From the point of view of Volkswagen, it is the smartest way to create a group of heavy weight," says Daniel Schwarz, analyst at Commerzbank. Main advantage of this scheme: the operation would be funded in part by an increase in capital of Scania. While VW has the financial means to strengthen its activity trucks late September with a net cash of 19.6 billion. But its shareholders, the Porsche and Piëch families, may be reluctant to Volkswagen funded the operation until the puzzle of the integration with Porsche is not fixed (see below).
A reverse schema, i.e. a Scania by MAN, appears not feasible, where many German Fellows are less favourable than those of the Swedish. Even offending the IG Metall Union, which said hostile to a purchase of MAN by Scania.