MAN withdraws hostile takeover bid for Swedish rival Scania

Talks will still continue between the two truckmakers, and Volkswagen, which is a major shareholder in both.

In a statement, German company MAN said it is looking forward to entering into further discussions to seek a friendly combination between them.

MAN launched its takeover bid for Scania in September and later raised its cash and stock offer. Scania’s management and board rejected a bid of almost 14 billion US dollars earlier this month.