Scania Rejects MAN Bid

Scania has rejected MAN’s takeover offer. The news follows speculation and then confirmation that German truck and bus maker MAN launched an unsolicited bid worth 9.6 billion (£6.5 billion) for its Swedish rival Scania. Volkswagen and Investor, a Wallenberg family firm, each own major blocks of Scania shares and the Financial Times suggested Investor may reject the offer. The FT also hinted at possible counter bids from other firms, including Paccar. Swedish truck maker Scania says its board met on Sunday 17 September and “unanimously decided not to support the proposals” from MAN AG.