Swedish truck producer Scania AB again rejected merge proposal from German automotive corporation MAN. According to announcement published last Friday, Scania`s Board of Directors rejected the bid due to protest from company`s major shareholders - Investor AB and Wallenberg Foundations, which own the total of 30.6% of voting shares of Swedish truck giant.
MAN AG, Europe`s third truck manufacturer, announced official proposal to buy Scania on November 16, 2006. However, Investor AB, Scania`s major shareholder, rejected the 10.3 bln euro merge before the official proposal considering the price for Scania to be underestimated.
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