MAN Withdraws Hostile Bid for Scania

Share prices for the Swedish truck-maker Scania and its German rival MAN rose Wednesday morning, after the German company withdrew its hostile take-over bid.

Earlier this month Scania’s management and board rejected the 13 billion dollar bid, which was also opposed by the company’s largest Swedish owner, Investor. Volkswagen, which owns major stakes in both companies, says it prefers a friendly combination.

On Wednesday morning Scania announced an order for 500 trucks from Britain.