Friday 28th Oct 2016 - Logistics Manager

MAN rejected as stock soars

Swedish truck maker Scania has welcomed MAN’s decision to withdraw its hostile takeover bid.

Earlier in January, Volkswagen, a majority shareholder, rejected MAN’s £7bn offer, saying that the two firms should instead strive to find a “friendly merger” or partnership.

Scania had previously said that its board was open for discussions provided MAN withdrew its hostile offer, but only then if it was industrially and commercially logical.

Shares in MAN have risen by as much as 2.9 per cent to a record 78.01 euros on the Frankfurt Stock Exchange, as investors welcomed the news of a possible friendly merger.