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.