MAN extends consortium for the financing of the combination with Scania AB

MAN AG has signed a contract with a banking consortium under the leadership of Citigroup Global Markets Ltd, The Royal Bank of Scotland plc, Bayern LB, West LB AG and Handelsbanken Capital Markets for a syndicated credit of € 11 billion. This will serve to support MAN’s offer for a complete take-over of the shares of the Swedish truck producer Scania AB.

Citigroup and The Royal Bank of Scotland acted as bookrunners. Besides the leading banks of the consortium a further 24 international banks are now providing MAN with financial resources. The facility comprises three tranches of one year, three and five years.

“The transaction was a great success and clearly oversubscribed”, said Dr. Karlheinz Hornung, CFO of MAN AG. “This underlines the trust of the financial markets in our concept for an industrial combination with Scania.”