January 12, 2007 8:30 AM, EST

Volkswagen Rejects MAN’s Bid for Scania

Click here to write a Letter to the Editor.
Volkswagen AG, Swedish truck maker Scania AB’s largest shareholder, rejected German truck maker MAN AG’s $13.3 billion hostile bid for Scania, saying it prefers the two companies try to achieve a “friendly” combination, Bloomberg reported.“The supervisory board of Volkswagen has rejected the MAN offer to take over Scania,” Volkswagen said in a statement. “It has requested that the board of management works on a friendly merger of Scania and MAN.”MAN Chief Executive Officer Hakan Samuelsson wants to combine MAN and Scania, Sweden's second-largest truck maker, to overtake DaimlerChrysler AG and Volvo AB to become Europe's No. 1 truck maker, which would make it larger than both DaimlerChrysler — parent of U.S. truck maker Freightliner — and Volvo, the parent of Volvo and Mack Trucks.Scania and Investor AB, Scania’s second-largest shareholder, have previously rejected MAN’s bid as too low.