VW says it will control 90.47% percent of Scania’s capital after 27.5% of stockholders of the Swedish truck company accepted its SEK 200 per share offer, exceeding the 90% acceptance threshold.
In March Scania’s board said that VW’s offer was too low and rejected its bid. VW Group proceeded to buy up shares anyway.
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Volkswagen said that all conditions for completion of the offer have now been fulfilled and Scania will now be fully integrated into VW Group.
“We are pleased that Scania shareholders accepted our highly attractive offer to the necessary extent. 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 of Management of Volkswagen.
“The success of the offer is also good news for Scania, as the company will be a core element of the integrated commercial vehicles group which will open up new opportunities for all parties involved. Not least, it is good news for Scania’s employees, as our agreement with Scania trade unions to safeguard jobs and locations in Sweden will now come into effect and will be implemented swiftly.”
