Scania Nominates Piech to Board as VW Pushes Truck Merger
Scania AB (SCVB) nominated Volkswagen AG (VOW) Chairman Ferdinand Piech to the Swedish truckmaker’s board, strengthening the German company’s influence as it forges ahead with a merger of its truck businesses.
Piech, who turned 75 earlier this month, would replace Gunnar Larsson, the Soedertaelje, Sweden-based company said in a statement. Shareholders will vote on the proposal at their annual meeting on May 4.
After raising its stake in MAN SE (MAN) to 73 percent on April 13, VW is continuing to pursue a combination with the Munich-based truckmaker, Scania and its own commercial-vehicle operations. Among the options is a domination agreement of MAN, if VW accumulates a holding of more than 75 percent, Chief Financial Officer Hans Dieter Poetsch said this month.
“All options are open to us when it comes to the further structuring of an integrated commercial-vehicles group,” VW Chief Executive Officer Martin Winterkorn told shareholders on April 19. “What matters most is close, mutual collaboration between the different brands, and this is something we have significantly stepped up in recent weeks and months.”
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