Behind Scania's "No" to MAN

The German vehicle maker's acquisition offer wasn't enough to convince Scania's board. Now a protracted battle looks to be in the offing

As expected, German vehicle maker MAN Group made a $12.2 billion offer on Monday, Sept. 18, for its smaller rival, Sweden's Scania. But though a move at that price had been expected for days, Scania publicly issued the same response it says it gave MAN privately the day before—a firm "no."

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