Scania has reportedly secured funding for a counter-offer for MAN.

The London-based website, breakingviews.com, has reported that Scania wants to offer MAN shareholders a 30% premium on the current share value, valuing the total offer at around 13bn euros. MAN is currently offering 10.3bn euros to acquire Scania.

One of Scania's major shareholders, Investor AB, would reportedly be interested in increasing its share.

A counter-offer would, however, require the support of Scania's largest shareholder, Volkswagen. Volkswagen, which is also the largest shareholder in MAN, is currently supporting the MAN bid.

The Volkswagen supervisory board ruled out making a counter-bid at its last meeting, apparently at least until Scania shareholders have had time to consider MAN's offer. In the longer-term, however, such a move is not ruled. "If it is clear that the offer will not be successful, Volkswagen reserves the right to seek any alternative solution," said Volkswagen in a statement.

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