[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Monday, 18 September 2006, 20:21 GMT 21:21 UK
Scania rejects German truck bid
MAN truck production
A successful deal would create Europe's largest truckmaker
Swedish truckmaker Scania has rejected a 9.6bn euros ($12.2bn; 6.5bn) takeover bid from German rival MAN.

A successful deal, which Man first said it was considering last week, would need the approval of Scandia investors including car giant Volkswagen.

Analysts have predicted consolidation in Europe's truck sector to allow firms to better compete at a global level.

Man's shares fell after the bid was rejected, closing down more than 5% in trading on the Frankfurt stock market.

Scania said its board had unanimously rejected the bid offer.

Man is currently the third-largest truckmaker in Europe, while Scania holds fourth place.

Were the firms to merge, it would create Europe's leading truck firm.

Volvo is currently the market leader in Europe, with DaimlerChrysler in second place.


SEE ALSO
Man confirms interest in Scania
13 Sep 06 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

PRODUCTS & SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific