VW’s $9.2-b Sca­nia Bid Suc­ceeds, Clears Way for Truck Al­liance

The Economic Times - - Busi­ness Of Brands -

Volk­swa­gen's $9.2 bil­lion of­fer for its Swedish trucks arm Sca­nia has been ac­cepted by mi­nor­ity share­hold­ers, a big step in the Ger­man au­tomaker's plan to cre­ate a trucks al­liance to com­pete in global mar­kets. VW said on Tues­day it would con­trol 90.5% of Sca­nia's cap­i­tal. Sca­nia's full in­te­gra­tion into the Ger­man group is vi­tal for VW's ef­fort to align the Swedish com­pany with MAN SE and its light com­mer­cial-ve­hi­cle busi­ness, to take on global lead­ers Daim­ler and Volvo AB. “We can now take the next log­i­cal and con­sis­tent step in our strat­egy to strengthen the oper­at­ing in­te­gra­tion of Sca­nia, MAN and VW com­mer­cial ve­hi­cles,” Chief Ex­ec­u­tive Martin Win­terkorn said at VW's an­nual share­holder meet­ing in Hanover, Ger­many. Ear­lier on Tues­day, Swedish pen­sions man­ager Alecta, the third­biggest owner of Sca­nia cap­i­tal with a 2 % stake, said it would ac­cept VW's of­fer, re­vers­ing its pre­vi­ous stance.

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