MAN Invites Scania to Open Takeover Negotiations

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AN AG on Friday invited rival truck maker Scania to begin takeover talks, Bloomberg reported, quoting MAN spokesman Andreas Lampersbach.

MAN invited Scania to open negotiations in the wake of the German truck maker’s failed bid in September to purchase its Swedish rival for $12 billion.

On Thursday, Bloomberg cited reports from German newsletter Platow Brief indicating that MAN shareholder Volkswagen AG would seek to combine its own heavy-duty truck manufacturing business in Brazil with MAN and Scania’s operations.

In September, Volkswagen AG, which also owns 34% of Scania’s voting rights, blocked MAN’s initial attempt to buy the Swedish truck maker. The German automaker countered on Wednesday by purchasing a 15.1% stake in MAN, Bloomberg reported. (Click here for previous coverage.)