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The German auto maker, Volkswagen, announced on Monday that
it has reached an agreement with Investor AB and the Wallenberg Foundations
regarding the purchase of their stakes in Scania (in total 134,711,900 A-shares
or 30.62% of Scania’s voting rights) for a consideration of 200 Swedish crowns
(21.40 euros, $32.40) per share in cash.
The purchase of the stake will
increase Volkswagen’s total votes in Scania to 68.60% (previously 37.98%) which
corresponds to 37.73% of the capital (previously 20.89%). This move is an
important step towards clarifying the long-term shareholder structure of
Scania. The completion of the purchase is subject to merger clearance.
"This step underlines the importance Volkswagen
attaches to its participation in Scania. Scania is a strong premium brand which
has a prosperous future. We will support the management of Scania and its team
in executing the strategy of profitable growth”, said Prof. Dr. Martin Winterkorn, Chairman of the Board of Management
of Volkswagen AG.
“Investor and Volkswagen have worked successfully together
for eight years and during this time Scania has achieved record sales and
profit. Both parties believe that this transaction is in the best interest of
Scania and Sweden,"
he added.
Volkswagen will keep and develop Scania as a strong premium
brand and the company does not foresee any further structural changes that
would affect adversely the employees of the company.
Volkswagen intends to maintain the headquarters and the
engineering competence centers in Södertälje,
Sweden.
"We will continue to act as a responsible shareholder in the company in
line with Swedish corporate governance practice and ensure that Scania’s Board
of Directors is comprised of strong and well qualified members including strong
independent representation", Volkswagen’s Chairman commented.
The German company is also the leading shareholder in MAN,
another manufacturer of heavy lorries and buses that made an unwanted and
unsuccessful takeover attempt of Scania in late 2006.
Volkswagen favors a three-way merger with Scania and German
heavy truck maker MAN. MAN is currently Scania's third-biggest shareholder with
voting stock of 17%. MAN has said it had no plans to change its stockholding in
Scania.
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