MAN presents hostile bid

German industrial group MAN on Thursday formally presented its €9.6 billion (12.3-billion-dollar) hostile takeover bid for Swedish truckmaker Scania.

The offer is dependent on MAN gaining acceptance on behalf of 90 percent of Scania’s shares and would run from November 20 until December 11, the German group said.

In mid-September MAN unveiled its offer in an attempt to create the world’s biggest truckmaker ahead of Volvo and DaimlerChrysler.

The offer was immediately rejected by Scania and its main shareholders, German carmaker Volkswagen, which holds 34 percent of voting rights, and the Wallenberg family, which holds 29.8 percent of voting rights through its various foundations and its holding group Investor.

The formal announcement of the terms means that MAN is pressing on despite hints in some Scania quarters that an alliance could emerge if the bid were withdrawn.