MAN said Monday that it would make a US$12.2bn (EUR9.6bn) offer for Scania, a deal that would create Europe's largest maker of commercial vehicles. But Scania's board unanimously rejected the offer.

Major Scania shareholders - including Volkswagen Group and Investor AB - announced separately that they had rejected the offer.

Volkswagen said that its investment in Scania is of a "strategic nature" and that "acceptance of the takeover offer would not be in line with these industrial interests".

The Swedish Investor AB group, part of the Wallenberg business empire, which controls 10.8% of Scania, said that the terms of the offer did not "reflect the fair value and potential of Scania".

The Swedish Wallenberg family controls overall, directly and indirectly, nearly 29% of Scania's voting stock.

MAN said in a statement that it would offer 0.151 new MAN shares plus US$48.70 in cash per Scania share, an offer it said implied a value of US$60.96 for each Scania share.

The bid needs to be approved by Volkswagen and other investors. Volkswagen is the largest single shareholder in Scania with 34% voting rights and 18.7% of the capital. MAN has reportedly said it would not want to undertake a hostile takeover.

The bid from MAN has been expected after the company confirmed last week that it was interested in acquiring Scania in order to form a larger European-based truckmaker.