VW vetoes hostile Scania bid
AFP · 11 Jan 2007, 17:23
Published: 11 Jan 2007 17:23 GMT+01:00
VW, which holds major stakes in both MAN and Scania, said in a statement that its supervisory board had decided to reject MAN's offer for Scania.
Instead, the supervisory board had "entrusted VW's management board to find a solution to bring about an amicable merger between the two truck makers", the statement said.
MAN officially launched a 10.2-billion-euro (13.2-billion-dollar) bid for Scania on November with the aim of creating Europe's biggest truck maker.
But the Swedish group and its shareholder Investor have so far rejected the German company's advances.
VW wants an amicable deal so that it can then bring its own Brazilian truck-making activities into the tie-up.