The Volkswagen Group has received the necessary antitrust approvals from the E.U. and other countries worldwide to buy the majority of stakes in Swedish truck manufacturer Scania AB. Earlier this year, the German Group had reached an agreement with Investor AB and the Wallenberg foundations to acquire their entire shareholdings in Scania for approximately 2.8 billion euros. Volkswagen will now increase its share of voting rights in Scania from 37.98 percent to 68.60 percent while itts equity interest will rise to 37.73 percent (from 20.89 percent). –Continued
“We are delighted that Scania will now become the Group’s ninth strong brand under the roof of Europe’s largest automobile manufacturer,” said Prof. Martin Winterkorn, Chairman of the Board of Management of Volkswagen AG. Scania now has a clear shareholder structure, he added. “As with all of our Group brands, Scania will retain its own corporate headquarters, its own culture and its own profile,” said Winterkorn.