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Swedish truck maker Scania snubs Volkswagen's bid

English.news.cn   2014-03-19 07:17:02

STOCKHOLM, March 18 (Xinhua) -- The board of Swedish truck giant Scania recommended on Tuesday to reject a Volkswagen takeover bid, saying that the shares were under-valued.

"Based on the long-term prospects of Scania, its growth outlook, technological excellence and the synergy potential, the Committee believes the offer from Volkswagen does not reflect the long-term fundamental value of Scania and a fair share of the expected synergy potential," says the statement on Scania's official site.

On Feb. 21 German carmaker Volkswagen, which currently owns 62.6 percent of Scania's share capital, announced their decision to offer Scania shareholders with 200 Swedish kronor (about 31 U.S. dollars) per share for the remaining stock regardless of classes of the shares, amounting to a total of approximately 6.7 billion euros (9.33 billion U.S. dollars).

Scania, which has been in operation since 1891, presently employs 38,600 employees in more than 100 countries and its headquarter is located in Stockholm.

Editor: Shen Qing
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