"It is a hell of a lot of money to say no to, but we decided it wasn't for us," band member Benny Andersson told the Swedish newspaper Aftonbladet.

Abba split in 1983 and have refused to reunite

The offer is believed to have come from an American-British consortium which wanted the Swedish group to get back together for 100 concerts to cash in on the current international Abba revival.

Bjorn Ulvaeus, who co-wrote musicals Mamma Mia and Chess with Andersson, added: "We have never made a comeback. Almost everyone else has. I think there is a message in that."

Worldwide hit

Abba rocketed to fame in 1974 when Anna-Frid, Bjorn, Benny and Agnetha won the Eurovision song contest with Waterloo.

A string of hits including Dancing Queen, Money Money Money and Knowing Me Knowing You followed as the group conquered the world.

Surviving marriage break-ups between Benny and Frida and Agnetha and Bjorn, Abba finally decided to quit in 1983.

European hit: The A-Teens perform Abba songs

Benny and Bjorn continued their partnership, while Frida and Agnetha released solo projects, but neither was able to match their previous success.

However, the band's legacy lives on.

Chess, which was a hit in London's West End in 1984, is still touring the world, while tribute musical Mamma Mia has been a sell-out success in London since it opened last April.

The A-Teens, a "young generation" Abba, have enjoyed huge chart success in Europe and tribute bands - notably Bjorn Again - continue to pack venues.

Britain's Steps and Irish boy band Westlife have enjoyed recent number one success with Abba covers, helping to send Abba's greatest hits album, Abba Gold back to the top of the charts.