2023 Author: Eric Donovan | [email protected]. Last modified: 2023-05-21 15:44
VW has taken over almost 100 percent of the truck manufacturer Scania. The Wolfsburg-based car maker owns 99.57 percent of the shares. The rest of the papers are to be acquired through a compulsory severance payment.
Europe's largest car manufacturer Volkswagen is tackling the final steps with the complete takeover of its Swedish commercial vehicle subsidiary Scania. The group announced on Thursday that the extended acceptance period for the takeover offer for the last remaining Scania shares had finally expired on June 5 and will definitely not be extended again. As of June 5, Volkswagen owned 99.57 percent of the shares or 99.66 percent of the voting rights. The differences can be explained by the different weighting of A and B shares in the company.
Strengthening the commercial vehicle alliance
The last small remainder of the missing 100 percent will now go to Wolfsburg via a compulsory severance payment (squeeze out) for the remaining shareholders. Outside of the squeeze out, VW will not buy any shares. A spokesman said on request that this procedure should take "a few months". A committee made up of representatives of the main parties involved sets the squeeze-out price, taking Swedish law into account.
VW had voluntarily offered the Scania shareholders 200 Swedish kronor (SEK, a good 20 euros) up to June 5, which originally corresponded to a premium of more than 50 percent at the start of the full takeover in spring. On the last trading day on June 5th, the Scania share closed at 198 SEK.
It is not yet clear how the Swedish stock corporation will soon be completely under the VW umbrella. The Wolfsburg-based company wants to strengthen its commercial vehicle alliance and to dovetail the Munich-based truck manufacturer MAN more closely with Scania. The long-term goal is world market leadership. (dpa)