Scania Rejects MAN Bid
The board of Scania trucks has rejected a 12 billion dollar takeover bid by German rival MAN.
Scania said in a press release Monday morning that MAN had launched a bid for all of its shares and that the board had unanimously decided not to back it. The bid was also rejected by the Swedish Investor group, which controls more than 10 percent of Scania.
After the announcement of the bid rejection, shares in Scania rose by around 5 percent on the Stockholm exchange.