Takeover rumours stop Scania trading
Trading in shares of Swedish heavy truck manufacturer Scania was suspended on Tuesday by stock market authorities in Stockholm following rumours that German industrial comglomerate MAN might make a bid for group.
Shortly before the suspension, which was imposed at 1409 GMT, German brokers were speaking of the possibility of a tie-up between MAN, which has made clear its desire to boost its truck-making unit through acquisitions, and Scania.
"The bourse stopped the trading as a result of these rumours, but not at our request," said Scania spokesman Per Hillström.
In Germany, MAN declined to comment on speculation that it might make a move on Scania AB.
But MAN said the two companies had been in talks for some time now about the possibility of cooperating in the development and production of gear boxes and that those negotiations were continuing.
Shares in MAN rose sharply in late afternoon trade on the Frankfurt stock exchange, jumping 1.89 percent to 69.29 euros.
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Shortly before the suspension, which was imposed at 1409 GMT, German brokers were speaking of the possibility of a tie-up between MAN, which has made clear its desire to boost its truck-making unit through acquisitions, and Scania.
"The bourse stopped the trading as a result of these rumours, but not at our request," said Scania spokesman Per Hillström.
In Germany, MAN declined to comment on speculation that it might make a move on Scania AB.
But MAN said the two companies had been in talks for some time now about the possibility of cooperating in the development and production of gear boxes and that those negotiations were continuing.
Shares in MAN rose sharply in late afternoon trade on the Frankfurt stock exchange, jumping 1.89 percent to 69.29 euros.
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