STOCKHOLM -- Scania AB and two of its major shareholders rejected a $12.2 billion takeover offer from Germany's MAN AG yesterday, with one investor saying the offer did not reflect the truck maker's value.
Investment group Investor AB, which has an 11 percent share of Scania and controls around 29 percent of the votes, said the offer did ``not reflect the fair value and potential of Scania."
Automaker Volkswagen AG also dismissed the offer, noting that the 18.7 percent stake that gives it 34 percent of the voting rights in Scania was ``strategic" to its own operations and interests.
``Volkswagen . . . has always stated that its investment in Scania is of a strategic nature and is in the industrial interests of the group," the company stated. ``Acceptance of today's takeover offer for Scania announced by MAN would not be in line with these industrial interests."
There was no immediate reaction by MAN.
Chief executive Hakan Samuelsson had said earlier that he was confident Scania's other shareholders would support its bid.
It was unclear if MAN would raise its offer .
Scania shares rose 5.9 percent to close at $61.79 in Stockholm trading .