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MarketScreener Homepage  >  Equities  >  Xetra  >  Daimler AG    DAI   DE0007100000

DAIMLER AG

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Volkswagen denies planning a bid for U.S. Paccar

07/03/2014 | 05:09pm EST
File picture shows the logo of German carmaker Volkswagen at a VW dealership in Hamburg

FRANKFURT/BERLIN (Reuters) - Volkswagen (>> Volkswagen AG) denied planning a bid for U.S. truck maker Paccar (>> PACCAR Inc) after analysts published comments in a research note from a senior executive of German rival Daimler (>> Daimler AG) saying he had heard of such a plan.

FRANKFURT/BERLIN (Reuters) - Volkswagen (>> Volkswagen AG) denied planning a bid for U.S. truck maker Paccar (>> PACCAR Inc) after analysts published comments in a research note from a senior executive of German rival Daimler (>> Daimler AG) saying he had heard of such a plan.

According to Bernstein Research, Daimler Trucks Chief Wolfgang Bernhard insisted that "serious, multiple sources" informed him that VW was going to bid for Paccar in 2015.

A spokesman at VW's Wolfsburg-based headquarters emphatically denied the rumours, calling them "complete rubbish."

Daimler declined to comment while Paccar was not immediately available for comment. Bernhard was briefing analysts at an event hosted by Daimler Trucks late on Wednesday when he made the comments, Bernstein said.

Shares in VW fell as much as 1.4 percent and were trading 0.7 percent lower at 191.40 euros as of 0907 GMT, valuing the firm at 90.9 billion euros ($123.99 billion). Paccar had a market capitalisation of $22.3 billion at Wednesday's close.

Europe's largest automotive group is pushing ahead with a long-planned alignment of its heavy-trucks brands MAN SE and Scania after its 6.7 billion-euro ($9.14 billion) bid for the Swedish division was accepted by shareholders.

To be headed by Daimler's previous trucks chief, Andreas Renschler, the VW-led alliance of heavy-duty vehicle makers aims to deepen cooperation in areas including drive-trains, chassis and electronics.

But Scania <SCVb.D> does not have a substantial presence in the United States, while MAN (>> Man SE) is mainly active in Europe as well as Brazil and other emerging economies.

Analysts have long predicted VW would seek to enter the world's biggest trucks market, either via an acquisition of Paccar or of troubled U.S. rival Navistar International (>> Navistar International Corp), to take on global trucks leaders Daimler and Volvo AB (>> AB Volvo).

VW has indicated that despite its large cash reserves of 17.7 billion euros at the end of March, it would seek to raise funds for any further deals.

But Chief Executive Martin Winterkorn told the March 13 annual press conference that VW has no plans at present to expand the group through further acquisitions as it is focusing on integrating its 12-brand network.

Meanwhile, analysts questioned the rationale behind Bernhard's comments.c

"The only rational answer to our mind is that Daimler is trying to make life difficult for anyone trying to further consolidate the industry," said Arndt Ellinghorst, an analyst at investment researchers ISI Group.

"There are probably few more efficient ways of doing this than in front of a group of sellside analysts."

(Reporting by Edward Taylor; Additional reporting by Andreas Cremer; Editing by Joseph Radford and Elaine Hardcastle)

By Edward Taylor and Andreas Cremer


© Reuters 2014
Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO -1.79% 194.85 Delayed Quote.26.45%
DAIMLER AG -0.09% 57.49 Delayed Quote.16.55%
E.ON SE 1.24% 9.118 Delayed Quote.-5.44%
EURO / BRAZILIAN REAL (EUR/BRL) 0.42% 6.3332 Delayed Quote.41.18%
MAN SE -0.77% 44.9 Delayed Quote.4.75%
NAVISTAR INTERNATIONAL CORPORATION -0.03% 44.2 Delayed Quote.52.76%
PACCAR, INC. -0.02% 87.24 Delayed Quote.10.34%
SEEK LIMITED -0.94% 26.23 End-of-day quote.16.32%
VOLKSWAGEN AG -0.39% 146.78 Delayed Quote.-16.39%
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Financials
Sales 2020 153 B 185 B 185 B
Net income 2020 2 365 M 2 860 M 2 860 M
Net cash 2020 14 142 M 17 103 M 17 103 M
P/E ratio 2020 26,2x
Yield 2020 1,43%
Capitalization 61 558 M 74 373 M 74 449 M
EV / Sales 2020 0,31x
EV / Sales 2021 0,27x
Nbr of Employees 291 770
Free-Float 78,9%
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 58,98 €
Last Close Price 57,54 €
Spread / Highest target 39,0%
Spread / Average Target 2,50%
Spread / Lowest Target -26,1%
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Managers
NameTitle
Ola Källenius Chairman-Management Board
Manfred Bischoff Chairman-Supervisory Board
Markus Schäfer Chief Operating Officer
Harald Wilhelm Chief Financial Officer
Clemens A. H. Börsig Member-Supervisory Board
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