Scania: Initial statement from the Independent Committee
SÖDERTÄLJE, Sweden--(BUSINESS WIRE)--The Independent Committee of the Scania Board of Directors (the “Committee”) has commenced its work. The Committee has appointed advisors to assist on the work going forward. The Committee will make a thorough analysis and thereafter announce its opinion on the offer. The Committee recommends all shareholders not to take a final decision until all relevant information is available.
“The work of the Committee is very important. I have delegated some of my duties as a union representative in order to fulfill my duties as a board member”
Deutsche Bank and Morgan Stanley have been retained as financial advisors to the Committee.
Mannheimer Swartling has been retained as legal advisor and JKL as communication advisor.
“The mandate of the Committee is to take all actions and responsibilities that the Board of Directors would normally take in regards to a public offer and to act in the best interest of all shareholders in Scania“, says Åsa Thunman, Chairman of the Committee.
“The Committee will now assess the information that is included in the offer. It has noted that Volkswagen does not foresee any significant changes with regards to Scania and that Scania’s headquarters and its development centers will remain where they are today. These matters are of course of importance to the company and for Sweden”, says Peter Wallenberg Jr.
“The work of the Committee is very important. I have delegated some of my duties as a union representative in order to fulfill my duties as a board member”, says Johan Järvklo.
The work of the Committee is at this point at an early stage and the Committee will of course take into account additional key information including the offer document. There are no dates set for further communication or publication of information from the Committee.
As previously announced, the Independent Committee consists of the following Board Members: Åsa Thunman (chairman), Peter Wallenberg Jr, Peter Abele, Johan Järvklo and Håkan Thurfjell. Spokesperson for the Committee is the Chairman Åsa Thunman.
For further information, please call the Committee’s press contact, tel +46 729 299 450.
The information set out in this press release is announced in accordance with the Swedish Securities Market Act. The information was submitted for publication on 25 February 2014, 07:30 CET.
Scania is one of the world’s leading manufacturers of trucks and buses for heavy transport applications, and of industrial and marine engines. Service-related products account for a growing proportion of the company’s operations, assuring Scania customers of cost-effective transport solutions and maximum uptime Scania also offers financial services. Employing some 41,000 people, the company operates in about 100 countries. Research and development activities are concentrated in Sweden, while production takes place in Europe and South America, with facilities for global interchange of both components and complete vehicles. In 2013, net sales totalled SEK 86.8 billion and net income amounted to SEK 6.2 billion. Scania press releases are available on www.scania.com (http://www.scania.com/se)
This information was brought to you by Cision http://news.cision.com