VW to complete purchase of Scania

Print
Email
|

Associated Press

Posted on May 13, 2014 at 9:08 AM

Updated Tuesday, May 13 at 6:00 PM

FRANKFURT, Germany (AP) — German automaker Volkswagen AG has enough shares to take complete ownership of Swedish truck-maker Scania and move ahead with integrating its commercial vehicle business.

VW said Tuesday that enough shareholders have accepted its 6.7 billion euro ($9.2 billion) offer to raise the company's stake in Scania to 90.47 percent.

That's enough to let VW buy out the rest of the shareholders and delist Scania — known as a squeeze-out. Volkswagen already held 62 percent majority stake in Scania and 89 percent of the voting rights.

VW CEO Martin Winterkorn said the deal will let the company move ahead with further integrating Scania with truck-maker MAN and Volkswagen's own commercial vehicle business. Volkswagen took control of MAN last year.

Print
Email
|