STOCKHOLM, Sweden — Scania AB shareholders snubbed a $12.2 billion takeover offer from Germany’s MAN AG.

Scania, whose largest shareholder is automaker Volkswagen, “unanimously decided not to support the proposals outlined.”

Investors told business media that the offer is not close to the Swedish truckmaker’s true value.

There was no immediate reaction by Frankfurt-based MAN, which is Europe’s third largest truckmaker. It remains unclear if MAN would up the ante or try to convince other investors to go against the recommendation of Scania’s board and two major shareholders.

MAN Chief Executive Hakan Samuelsson has said in the past that the truckmaker is also interested in opportunities overseas. Earlier this year, he hinted that MAN would consider buying its American powertrain partner, Navistar International, which produces International brand trucks.

Navistar recently released its first heavy-duty engine based on MAN’s big bore platform.

— with files from Associate Press