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VW Rejects MAN’s Hostile Takeover of Scania

Published fredag 12 januari 2007 kl 11.08

Volkswagen’s supervisory board rejected German truck maker MAN’s hostile takeover bid for rival Scania on Thursday, a move which Scania said meant the German approach was doomed in its current form.

Volkswagen, the largest shareholder in both MAN and Sweden’s Scania, is now striving for a ”friendly merger” between the two, despite bitter opposition from Scania Chief Executive Leif Östling, according to a VW statement.

While a spokesman for MAN said its goal had always been to reach an amicable deal with the Swedish truck maker, he added that his company would not withdraw the 10 billion euro-plus offer in cash and stock that expires at the end of this month.

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