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Volkswagen extends Scania share offer deadline

  • 01 May 2014
  • By David Wilcox

After just falling short of its target to boost its stake in Scania from 63% to at least 90% Volkswagen (VW) has extended the offer deadline by three weeks, hoping that it can persuade more Scania shareholders to sell up.

VW originally set 25 April as the deadline for Scania shareholders to accept its offer of SEK200 (£18.78) per share, setting 90% of share ownership as an acceptable threshold.

It decided this was the minimum needed to push ahead with much deeper integration of its two European truck brands, MAN and Scania in order to maximise manufacturing, purchasing and development synergies.

After achieving ownership of 88.25% VW has extended the offer deadline to 16 May, expecting to win over more shareholders.

“We are pleased that the broad majority of Scania’s minority shareholders have accepted our very attractive offer,” said Volkswagen’s chief financial officer Hans Dieter Pötsch.

“This already takes us a major step forward towards our target of becoming the owner of more than 90% of all shares in Scania,” he said. “On this basis, we are confident that during the extended acceptance period we will meet the necessary acceptance level for this transaction. This would be a milestone in the process of completing our integrated commercial vehicles group, which will be for the benefit of all parties involved.”

In March an independent committee described VW’s offer for Scania as too low.

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Article source: http://www.commercialmotor.com:80/latest-news/volkswagen-extends-scania-share-offer-deadline