Scania rejects MAN's 9.6bn euro offer
Munich: Truck maker Scania AB's supervisory board has rejected MAN AG's 9.6 bln eur cash and share takeover offer, saying it did not reflect the company's true value and future prospects.

Volkswagen also rejected the offer, saying it considers its 18.7 pct stake to be of a 'strategic character' and that it is not in VW's 'industrial interest' to sell.

VW has 34 pct of Scania's voting rights, meaning that the German car maker and the Wallenberg family holding company will play a decisive role in any potential MAN/Scania tie-up.

Analysts are speculating that the takeover battle is far from over and may be the beginning of a lengthy negotiating process with MAN.

Analysts say that ultimately expect VW to accept the bid, but only after it succeeds in bringing its own truck business into the merged company.

MAN said in its initial press release issued early this morning that it will offer 0.151 of its ordinary shares plus 38.35 eur cash per Scania share, in a bid to create Europe's largest truck maker. It added that the offer values Scania at 48 eur (440 skr) per share. This is a premium of 36-39 pct above the Swedish company's average price during the three months prior to Sept 11, the last day Scania shares were traded before rumours of a possible offer hit the market.
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Belgian newspapers win legal battle against Google
Brussels: A Belgian court has won legan battle against Google Inc under which the latter has been ordered to stop reproducing articles from French-speaking newspapers in the news section of one of its Belgian websites.

The complaint against the world's most popular Internet search engine was lodged by Copiepresse, an organisation which manages copyright for the Belgian French and German-speaking press.

The court's ruling, which was issued on Sept. 5, stipulates that Google must pay a fine of 1 million euros ($1.3 million) daily if it does not comply on Monday. Links and summaries of articles in Belgian newspapers such as La Derniere Heure, La Libre Belgique or Le Soir were still visible on Google's Belgian website on Monday morning.
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