VW to complete purchase of Scania

Written By THE ASSOCIATED PRESS Posted: 05/13/2014, 08:06am
Array Volkswagen AG, CEO Martin Winterkorn , center, and the chairman of the Supervisory Board, Ferdinand Piech , left, pose in front of a Scania logo during the annual general meeting of the car manufacturer in Hannover, northern Germany, Tuesday May 13, 2014. Automaker Volkswagen AG has enough shares to take complete ownership of truck-maker Scania and move ahead with integrating its commercial vehicle holdings. VW said Tuesday that enough shareholders have accepted its 6.7 billion euro (US $9.2 billion) purchase offer of 200 Swedish kronor per share to raise its Scania stake to 90.47 percent. ( (AP Photo/dpa, Julian Stratenschulte)

FRANKFURT, Germany — 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.

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