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Wallenberg family blocking Scania-MAN trucking tie-up

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10:22 CEST+02:00
Swedish investor Peter Wallenberg, who holds a 30 percent stake in Swedish truck-maker Scania, has stalled talks to merge Scania with Germany's MAN and parts of Volkswagen, the Financial Times Deutschland reported Tuesday.

"A simple sale of Scania to a German company is not done that easily without damaging (Wallenberg's) reputation in Sweden," the report quoted an unidentified source familiar with the matter as saying.

The report said that the companies' stakes in each did not provide a simple solution for the merger, which would create Europe's biggest truck maker.

Volkswagen owns a 34 percent stake in Scania and a 30 percent stake in MAN,

while MAN holds a 14.8 percent stake in Scania.

MAN initially launched a 10 billion euro ($13.6-billion) hostile bid to buy Scania last year, but this has since been withdrawn and the three companies have been trying to find an amicable solution for a tie-up.

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