Scania board members reject VW-bid

Board members at Swedish truck manufacturer Scania recommend shareholders to not accept a bid by Volkswagen to take full control of the company.

In a statement, Scania said that based on the long-term prospects of the company, "its growth outlook, technological excellence and the synergy potential", the offer of SEK 200 per share is too low for the remaining shares.

The German carmaker Volkswagen confirmed in a press statement on Tuesday afternoon that its share offer price is a final offer.

"The offer price of SEK 200 per share in Scania makes it in our opinion possible for Scania's shareholders to realize the maximum value they can realistically expect from their investment," writes VW.

Volkswagen, together with its subsidiary MAN, owns 62.6 percent of capital and 89.2 percent of votes in Scania.

The offer was made last month. According to the Reuters news agency, it was an attempt to "draw a line under years of tense relations with minority shareholders in Scania".

Scania board members with direct ties to VW were excluded from the committee that evaluated the bid.

Scania has its base in Södertälje, south of Stockholm and employs 9,000 people in Sweden.