Bloomberg said that Volkswagen declined to raise a 6.7 billion-euro ($9.33 billion) bid for the rest of Swedish truckmaker Scania AB after a board committee at the Swedish truckmaker recommended minority owners reject the offer as being too low.

“We explicitly do not share their view on the valuation,” the Wolfsburg, Germany-based automaker said in a statement today. The current offer “represents a highly attractive and balanced deal” and one that would “allow Scania shareholders to realize the maximum value they can realistically expect from their investment.

The 200 krona-a-share bid is 36 percent higher than the Södertälje-based company’s closing price on Feb. 21, when Volkswagen announced its plan for a full takeover, Bloomberg said.