Scania contests MAN bid

The Swedish truck group Scania on Friday contested terms of a takeover bid by German industrial conglomerate MAN and said it would refer the matter to the Swedish stock regulator.

Scania said in a statement that its board of directors had noted that MAN’s offer at 464 kronor was lower than the price MAN paid to acquire Scania shares in the market on October 12.

The board also said “the terms of MAN’s offer as represented in the offer document are substantially the same as those published by MAN on October 12.

“However, MAN has omitted to include in the document that the board of directors of Scania rejected the offer on October 12.”

The statement said its objections would be raised with the Swedish Securities Council, adding that the board would issue “full response and reasoned statement to MAN’s offer in due course.”

MAN formally presented a hostile takeover offer for Scania on Thursday worth €10.2 billion ($13.05 billion), giving Scania shareholders

until December 11 to accept its offer.