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German truckmaker bids for Scania Scania rejects German truck bid
(about 14 hours later)
German truckmaker Man has launched a 9.6bn euros ($12.2bn; £6.5bn) takeover bid for Swedish rival Scania. 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 create Europe's largest truck firm. A successful deal, which Man first said it was considering last week, would need the approval of Scandia investors including car giant Volkswagen.
Analysts had long expected consolidation in the European truck sector to allow firms to better compete at a global level. Analysts have predicted consolidation in Europe's truck sector to allow firms to better compete at a global level.
The bid needs approving by Volkswagen, a key Scania shareholder, and other investors. Scania has yet to comment. 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.Man is currently the third-largest truckmaker in Europe, while Scania holds fourth place.
Volvo is the market leader in Europe, with DaimlerChrysler in second 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.