Porsche makes bid for Swedish truck maker Scania

BERLIN: Germany's luxury sportscar maker Porsche said on Monday it was making a USD 3.7 billion bid for Swedish truck firm Scania.

Porsche added, however, that it had "no strategic interest" in Scania and that the takeover bid was a legal requirement following its acquisition of more than 50 per cent of Volkswagen earlier this month.

As Volkswagen holds more than 30 per cent of Scania, Porsche indirectly became the majority shareholder in Scania.

Swedish takeover law obliges Porsche to bid for the remaining shares not under its direct control through the Volkswagen deal, the statement said.

Porsche -- the maker of the iconic 911 sportscar -- said Scania's shareholders had from January 21 to February 10 to accept their offer for the shares.

It added that it was offering the minimum price required by law.