MAN prepares bid for Swedish rival

Sept. 13, 2006 at 7:39 AM
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FRANKFURT, Germany, Sept. 13 (UPI) -- German truck maker MAN reportedly will offer to buy Swedish rival Scania, the Financial Times reported Wednesday.

Scania said Tuesday in a statement that it had "reasonable grounds to assume" that MAN would bid.

The German company has approached Volkswagen, Scania's biggest shareholder, about plans to buy the Swedish company, which is expected to fetch something more than $10 billion.

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