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VW Group takes full control of Scania shares

  • 14 May 2014
  • By Christopher Walton

VW Group has now got the go-ahead to fully integrate Scania into its commercial vehicle business after it crossed the legal threshold of a 90% share holding of the Swedish truck giant.

Under Swedish law, as VW Group now owns 90.5% of Scania shares, it can legitimatetly take control of the remaining shareholding, not matter what objections are raised.

Martin Winterkorn, chairman of the board of management at Volkswagen, said the full integration of Scania into VW Group was “the next logical and consistent step” in its strategy to strengthen the operational integration between Scania, MAN and Volkswagen Commercial Vehicles.

VW Group had previously controlled 63% of Scania’s share capital before tabling a bid of SK200 per share to minority shareholders earlier this year.

He added that: “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.”

Alongside VW Commercial Vehicles, VW Group also counts MAN as a brand in its portfolio.

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Article source: http://www.commercialmotor.com:80/latest-news/vw-group-takes-full-control-of-scania-shares