German MAN AG made an offer for Swedish truck and bus manufacturer Scania AB on September 13.
On September 17, at a Scania Board meeting, the Board of Directors rejected MAN’s proposal. That same day, Scania told MAN its decision.
If combined, the companies would have become Europe’s leading truck business.
Scania is a manufacturer of trucks and buses for heavy transport applications, as well as industrial and marine engines. It employs 30,000 people in about 100 countries. In 2005, its revenue was $8.7 billion and its net income was $645 million.
MAN is a manufacturer of vehicles, engines and engineering equipment. It employs about 50,000 people worldwide with annual sales of $16.5 billion.