FRANKFURT, Dec 1 (Reuters) - The chief executive of German
industrial group MAN <MANG.DE> reiterated in a magazine
interview he was in no rush to push through a merger of MAN's
trucks business with that of Swedish rival Scania <SCVb.ST>.
"We have to have patience. Our priorities have shifted a
little because there is surprisingly strong demand for our
products. We have to first concern ourselves with our capacities
and our organic growth," Hakan Samuelsson told WirtschaftsWoche.
Samuelsson has been backing away from previous calls for
clarity in the situation to emerge by the end of the year.
"We have just opened new plants in India and Poland. This
capacity build-out is our number-one issue. With regard to the
possible merger, in contrast, we feel no time pressure," he said
in remarks released on Saturday ahead of publication on Monday.
The largest shareholder of both firms, Volkswagen <VOWG.DE>,
has been trying to broker a friendly deal -- after MAN withdrew
a hostile, 10 billion-euro ($14.8 billion) bid at the start of
2007 -- and could throw its own trucks unit into the mix.
Samuelsson said: "You can assume that VW and MAN's positions
are similar," without elaborating.
Samuelsson added that MAN was not feeling any effects from a
global credit crisis stemming from subprime home loans in the
United States. "We don't feel any of that yet," he said.
"Our customers are still ordering ship diesel engines, turbo
machines and trucks at a high level."
He said MAN had no plans to make any acquisitions in the
United States, where MAN has little presence, and pointed out
that profits were generally lower there.
"I would rule that out for the moment. In the USA there are
completely different vehicles and market rules. We want to make
progress now in eastern Europe, then in Russia, India and
China," he said.
(Reporting by Georgina Prodhan; editing by Tony Austin)
(([email protected]; +4969 7565 1265; Reuters
Messaging: [email protected]))
($1=.6781 Euro)
Keywords: MAN SCANIA/