VW Scores Scania Shares Success
Germany’s Volkswagen announced that it has attracted enough Scania shareholders to sell their stock to enable it to take full control of the Swedish truck manufacturer. The move is seen as a key development for Volkswagen as it aims to build a globally competitive truck maker.
VW said that its offer to shareholders was successful to such an extent that it would control 90.47% of Scania's capital, passing the 90% acceptance threshold.
“This is good news for the Volkswagen Group as a whole, as we can now take the next logical and consistent step in our strategy to strengthen the operational integration between Scania, MAN and Volkswagen Commercial Vehicles to create a leading commercial vehicles group,” said Martin Winterkorn, chairman of the board at Volkswagen.
Volkswagen said it will now initiate the compulsory acquisition of the remaining Scania shares.
Earlier this year, VW made a purchase offer for the outstanding shares of Scania for €6.7 billion (about US$9.2 billion) in an all-cash deal. VW has been an investor in Scania since 2000 and controlled 89.2% of the voting rights before its takeover bid.