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Volkswagen seeks to take over Scania
File photo: Raymondo666/Flickr

Volkswagen seeks to take over Scania

The Local/po · 21 Feb 2014, 19:43

Published: 21 Feb 2014 19:43 GMT+01:00

"The offer mirrors our fundamental view of Scania's value, and the long term strategic potential of fully integrating Scania in the Volkswagen consortium," board chairman Martin Winterkorn said in a statement on Friday.

"Our offer is designed to create a sustainable and clear ownership structure for Scania," he said, adding that he was convinced the offer was "very attractive" for Scania's shareholders.

The board members of Scania spent much of Friday in a meeting, later confirming rumours of the bid to the Dagens Industri (DI) newspaper. 

Volkswagen already owns about 89 percent of Scania's voting rights and nearly 63 percent of share capital, the Wall Street Journal reported in early February when talk of a large-scale shares purchase began. The rumours have pushed the Scania share price up by 17 percent since New Year, DI noted. 

Volkswagen is telling shareholders of the outstanding stock it is willing to pay them 200 Swedish kronor ($36.84) per share, a premium of more than 50 percent that values the total offer at 6.7 billion euros.
 
Scania, which was founded in 1891 and has operations in more than 100 countries, boasts 38,600 employees. Around 16,000 work with sales and services across the company's subsidiaries, and over 12,000 work in production units.
 
Story continues below…
The company has headquarters in the Swedish town of Södertälje, where almost 6,000 employees work. The headquarters also hosts the research and development operations, with 3,300 employees.

The Local/po (news@thelocal.se)

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