Volkswagen seeks to take over Scania
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.