Hino Motors‘ attempt to buy a 2.3 billion Swedish kronor stake in truck maker Scania AB has been rejected, Dow Jones said, citing a Financial Times website report.


Toyota’s Japanese heavy truck0making operation reportedly offered to buy a chunk of the vote-heavy A shares held by Volvo AB, Scania’s arch-rival, but was turned down on the grounds that its offer was too low, several people familiar with the situation told the FT.


The report said one source said Hino wanted a voting stake of just over 10%, worth approximately SEK2.3 billion at market value.


The approach, made in December and rejected this month, also appears to demonstrate a new approach by Toyota, which has historically rejected growth by acquisition, the report said.


Dow Jones noted that Hino has long been tipped as a possible buyer of Scania after agreeing to a long-term business alliance with the Swedish group two years ago, but had previously said it was not interested.


Hino president Tadaaki Jagawa reportedly dismissed the idea of taking a minority stake in October, saying that “for the sake of balance” such a move would require Scania to buy a slice of the Japanese company – a highly unlikely prospect.


By acquiring a stake, Hino would protect the alliance that already involves it selling Scania trucks in Japan, the report said.


Hino, which focuses on medium-duty trucks from 5-16 tons, on Tuesday denied it was interested in buying a stake in Scania, the report said.


Dow Jones also noted that Volvo has a European Commission deadline of April 23 to divest its 45.5% stake in Scania, acquired as part of its blocked takeover attempt in 2000. The stake reportedly has a market valuation of about SEK22 billion.