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