In a statement issued on Tuesday the independent committee of the Scania board of directors made its position clear. Volkswagen already owns 63 percent of share capital in the Swedish company and had offered 200 kronor ($31) per share for the remaining stock. "Scania is a world-leader in its industry and the committee has strong faith in the business plan set out by the company. Our assessment is that the current offer does not reflect the long-term value of the company and a fair share of the synergies," said committee chair Åsa Thunman. The proposed takeover by Volkswagen has generated considerable interest since it was first mooted in February. After the initial offer two of Scania's owners, Skandia and AP4, said they were unwilling to sell their stock. Scania's board has been dissecting the offer ever since, which has also been the subject of a probe by the Economic Crime Authority. The agency launched the investigation into suspected insider trading in the wake of the takeover bid.