Swedish truckmakers's, Scania share price have been dropped below of the mandatory offer by Porsche. Porsche responded with a token offer for Scania, well below the truckmaker’s trading price at the time. Porsche has always stressed it had no strategic interest in the truckmaker, but it has hinted it could sell the shares on to Volkswagen, which controls 69 per cent of Scania.
The offer came as Porsche was in talks with its banks about refinancing a €10bn syndicated loan that is due by the end of March. Porsche profits have been inflated by its VW option trades in recent years. The carmaker is facing rapidly falling sales, diminishing the cash flow needed to pay interest rates.
[via FT.com]
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