The Volkswagen Group has received the antitrust approvals necessary to acquire a majority voting stake in Swedish truck manufacturer Scania
The Volkswagen Group has received the antitrust approvals necessary to acquire a majority voting stake in Swedish truck manufacturer Scania AB.
In addition to the approval by the European Commission, a large number of antitrust proceedings
were required in other countries worldwide.
In March this year, Volkswagen reached an agreement with Investor AB and the Wallenberg foundations regarding the acquisition of their entire shareholdings in Scania.
Volkswagen will therefore increase its share of voting rights in Scania from 37.98 percent to 68.60 percent and its equity interest will rise to 37.73 percent (from 20.89 percent).
The purchase price amounts to approximately EUR 2.8 billion and the Volkswagen Group will fully consolidate Scania in the second half of the year.
“We are delighted that Scania will now become the Group’s ninth strong brand under the roof of Europe’s largest automobile manufacturer,” says Prof. Martin Winterkorn, Chairman of the Board of Management of Volkswagen AG.
“As with all of our Group brands, Scania will retain its own corporate headquarters, its own culture and its own profile,” says Winterkorn.