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MAN withdraws hostile takeover bid for Scania

BERLIN, Germany -- MAN AG has announced it will abandon its hostile takeover bid for Swedish truck maker Scania AB,...


BERLIN, Germany — MAN AG has announced it will abandon its hostile takeover bid for Swedish truck maker Scania AB, and will instead try to acquire the company through more co-operative means.

Volkswagen AG a major stakeholder in both MAN and Scania has announced a co-operative union of the two brands would be preferable to a hostile takeover.

“As a shareholder of Scania, MAN is therefore looking forward to entering into further discussions during 2007 to seek a friendly combination of MAN AG, Scania AB and Volkswagen heavy trucks,” MAN said in a statement.


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