Reuters reports that the finance chief of Germany’s MAN has that MAN had seen no real upturn in its business in the third quarter and it was not in talks to buy Swedish truck maker Volvo’s stake in Scania.

“So far, we have seen no real pick-up in business (in the third quarter),” Chief Financial Officer Ferdinand Graf von Ballestrem told reporters on the sidelines of a conference in remarks reported by Reuters.

However von Ballestrem said MAN, which is suffering from weak demand for its trucks and printing machinery, stood by its full-year targets.

“We are confident of reaching our goals in 2003 in new orders and sales,” he reportedly said. MAN has said it expects these to be on a par with 2002.

“Overall for the year, we are confident that we will meet our goals and post a slight profit rise,” he added, reiterating expectations for higher earnings this year, according to Reuters.