SOEDERTAELJE (dpa-AFX) - Alecta, an occupational pensions specialist, Wednesday said it has decided to decline Volkswagen AG's (VKW.L, VLKAF.PK, VOW.BE) bid for Swedish automotive firm Scania (SVKBY.PK, SVKBF.PK).
The company noted that its decision to decline the offer is based on an assessment of its internal analysis and the findings by the independent committee of the Board of Scania, namely that the offer does not fully reflect Scania's long-term fundamental value.
'The decision has not been easy, but in the longer term, we believe that this is what best serves the interests of our clients,' the company said.
Scania's independent board committee had previously announced that the offer of 200 Swedish kroner per share does not reflect the value of Scania for a long-term owner.
Copyright RTT News/dpa-AFX