Scania’s Fourth-Quarter Income Rises as MAN Drops Hostile Bid

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Swedish truck maker Scania AB posted a fifth straight gain in quarterly income and German rival MAN AG dropped a hostile takeover bid in favor of friendly negotiations, Bloomberg reported.Scania’s fourth-quarter net income rose 20% to about $260 million, Bloomberg reported.Meanwhile, MAN, which had sought a hostile takeover of Scania, combined the sales units of its truck and bus units to improve service, Bloomberg reported.Volkswagen AG, Scania’s largest shareholder, said last month it preferred MAN and Scania to try to work out a “friendly” merger.(Click here for previous coverage.)