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Hakan Samuelsson had been an exemplary boss of MAN, Europe’s third-biggest truckmaker. After taking charge in 2005, he transformed it from a clunky conglomerate with interests from printing presses to spaceflight into a business focused on building trucks, turbines and the house-sized diesel engines that power more than three-quarters of the world’s big ships. He also put in place a vigorous international expansion plan that included the purchase last year of Volkswagen’s Brazilian heavy-truck business and this year of a 25% stake in Sinotruk, China’s biggest maker of heavy trucks. Within five years, analysts expected MAN to be earning almost half its revenues in emerging markets. So when Mr Samuelsson abruptly stepped down on November 23rd it came as a shock to nearly everyone. Even his spokesman was on holiday.
The firm mumbled that his departure would allow it to focus on its main business. Some saw this as a reference to allegations that a few of MAN’s employees had paid bribes to win contracts, and that by leaving Mr Samuelsson would allow a clean break with the past. But prosecutors, who did not consider him a suspect, were equally surprised by his exit. His response to the allegations had been admirable, appointing independent lawyers and auditors to conduct a thorough investigation, while offering an amnesty to employees who agreed to help them.
A likelier explanation is that he clashed, not for the first time, with the chairman of the Volkswagen Group, the wily Ferdinand Piëch. In 2006 the two sparred when Mr Samuelsson launched a hostile bid for Scania, a Swedish truck firm. VW, which at the time controlled 34% of Scania’s stock, did not support the takeover. Instead Mr Piëch turned the tables on Mr Samuelsson when VW bought 20% of MAN (a stake subsequently increased to almost 30%). Mr Piëch is now chairman of MAN’s supervisory board too, and so in a position to realise a long-held ambition to forge a three-way merger that would include VW’s truck business—a combination that would leapfrog Volvo and Daimler AG to become Europe’s biggest truckmaker. Analysts at HSBC reckon that a merger of just Scania and MAN would lead to annual savings of about 600m ($900m) a year. Mr Piëch has said in the past that a full-blown combination of all three could cut costs by as much as 1 billion a year.
Mr Samuelsson’s departure clears the way for his former adversary, Leif Ostling, the head of Scania, to run the new entity. It also hints at how a deal may be structured. The simplest way would have been for MAN to buy Scania, as MAN and VW between them already control 88% of Scania’s voting stock. That would, however, have forced VW to book a loss on its Scania stake (acquired at a higher share price than today’s), putting strain on a balance-sheet already stretched by VW’s takeover of Porsche. A better option for VW might be for Scania to buy MAN and sell its non-truck operations—a ploy Mr Samuelsson would have resisted.
1. Why did the departure of Hakan Samuelsson shock everyone?
A) Because even his spokesman was not aware of the abrupt decision.
B) Because his over-expansion strategy for MAN was a complete failure.
C) Because his management of MAN yielded outstanding performance.
D) Because he succeeded in adding international components to the company.
2. Which of the following can be the main reason why the departure of Mr. Samuelsson is irrelevant to the bribery allegation?
A) He demonstrated complete support of an independent investigation of the case.
B) He was widely speculated to be involved in abetting bribery.
C) Even the prosecutors were unaware of his exit.
D) He pardoned the employees who were willing to cooperate.
3. What kind of action will Mr. Piëch possibly take for his ambition?
A) He will launch a hostile bid for the Swedish truck firm Scania.
B) He will build the largest truck maker in Europe.
C) He will merge Scania and MAN so as to achieve huge annual savings.
D) He will build a conglomerate by combing Volkswagen, Man and Scania.
4. Why is the departure of Mr. Samuelson a good piece of news to Mr. Piëch?
A) Because it clears the way for Leif Ostling to control the company that merges Volkswagen, Man and Scania.
B) Because Mr. Piëch was aware that Mr. Samuelson would not allow the sales of MAN’s non-truck operations.
C) Because it makes it much more convenient for VW and MAN to purchase Scania jointly.
D) Because the news will help reduce VW’s pressure in terms of loss on the balance sheet.
5. Which of the following is NOT true according to the last two paragraphs?
A) Volvo and Daimler AG are so far the two largest European truck makers.
B) Scania is largely involved in the dispute between Samuelson and Piëch.
C) Leif Ostling was Samuelson’s major adversary who forced the latter’s exit.
D) Porsche was recently merged into the Volkswagen Group.