• Sweden's news in English
 

Scania owners reject Volkswagen takeover bid

Published: 23 Feb 2014 08:50 GMT+01:00
Updated: 23 Feb 2014 14:30 GMT+01:00

Volkswagen tabled their $9.2 billion bid to swallow up Scania on Friday. It already owns 89 percent of Scania's voting rights and 62.6 percent of the company, with VW eager to secure the nearly 40 percent they do not own. 

The takeover has encountered resistance from two of Scania's minority owners, however. Both insurance outfit Skandia and pension fund AP4 have expressed reservations about selling up to Volkswagen.

“Scania’s prerequisites to maintain its leading position are better as a listed company than as a subsidiary in a larger group. Skandia doesn't intend to accept the offer," Caroline af Ugglas, head of equities at Skandia, told Bloomberg.

Volkswagen has told shareholders of the outstanding stock it would be willing to pay them 200 Swedish kronor ($36.84) per share. It bought into Scania in 2000. Taking full control of the Swedish company, it reckoned it would make annual savings of 650 million euros through synergies, reported AFP. Volkswagen already owns German truck and bus outfit MAN.

“This must be evaluated in light of the duty we have for our pensioners and it is not obvious that that is the stock market price plus a few percent,” said Mats A. Andersson, who heads up the AP4 pension fund, to Bloomberg.

Meanwhile, the proposed deal has also encountered concern from the IF Metall trade union at Scania in Södertälje, which fears its influence would be lost if Scania is swallowed up by Volkswagen.

The deal has received some positive backing with the Swedish Shareholders' Association who said it was "positive."

“There is a lot of frustration regarding how VW has treated their minority shareholders. We think it is positive that they make this offer," Carl Rosen, head of the Swedish Shareholders’ Association is quoted as saying by Bloomberg.

Scania, which has been in operation since 1891, presently employs 38,600 employees in more than 100 countries. Its headquarters are in Södertälje, Stockholm county, where almost 10,000 of the workforce are based.  

The Local/pr 

The Local (news@thelocal.se)

Your comments about this article

Today's headlines
World's first limousine snowplough for hire
Håkan Andersson's limousine snowplough. Photo: Haga Limo

World's first limousine snowplough for hire

A businessman in central Sweden is advertising what he claims is the world’s first Hummer limousine snowplough for hire on Blocket, Sweden’s version of eBay. READ  

Breastmilk drug could fight resistant bacteria

Breastmilk drug could fight resistant bacteria

Swedish researchers may have found a solution to the growing resistance to antibiotics in the most unlikely of places — breastmilk. READ  

Video
Swedish baby wins TV fame in US
A screenshot of Alma and Maja before the collision from America's Funniest Home Videos

Swedish baby wins TV fame in US

A Swedish baby and her King Charles Spaniel scored more than three million views on America’s Funniest Home Videos in just one day, after the baby's father sent a video of the then six-month-old being bowled over by the puppy. READ  

Royal couple blames tax woes on identity theft
Princess Madeleine and Chris O'Neill in December 2014. Photo: TT

Royal couple blames tax woes on identity theft

Chris O'Neill, the British-American banker married to Sweden’s Princess Madeleine, has admitted to having had problems over unpaid US taxes, explaining that he had been the victim of identity theft. READ  

Up to four subs feared in Stockholm waters
An enlarged look at the mystery sighting of a suspected submarine in the Stockholm archipelago in October. Photo: TT

Up to four subs feared in Stockholm waters

Sweden’s armed forces now estimate that as many as four submarines were operating in the Stockholm Archipelago in mid-October, the country’s Dagens Industri (DI) newspaper reported on Saturday. READ  

Sweden mulls ticket controls for jihadis
The war in Syria and Iraq has attracted many young Swedish Muslims. Photo: STRINGER/Scanpix

Sweden mulls ticket controls for jihadis

Sweden could introduce controls over airline ticket sales and border crossings as part of a new anti-terror strategy aimed at preventing citizens going abroad to fight for extremist groups. READ  

'Frozen' hanging woman died 'climbing fence'
The fence in Norrköping where the woman was found hanging. Photo: TT

'Frozen' hanging woman died 'climbing fence'

A woman found hanging dead on a fence in Norrköping, about one hour south of Stockholm, was pierced by razor-sharp spikes, but probably ended up there 'by accident', police have concluded. READ  

Sweden's first LGBT pool makes a loud splash
Sweden's first LGBT swimming pool. Photo: Sundbyberg Stad

Sweden's first LGBT pool makes a loud splash

The first swimming pool in Sweden designed for lesbian, gay, bisexual and transgender people is making waves in the Swedish media, ahead of its official opening next week. READ  

Princess Madeleine 'not involved in any debt'
Princess Madeleine at the Nobel Prize ceremony in December 2014. Photo: TT

Princess Madeleine 'not involved in any debt'

Sweden's royal family has strongly denied claims that Princess Madeleine's husband Chris O'Neill has debts in the US, saying the US tax authorities 'made a mistake'. READ  

Romania and Sweden to cooperate on beggars
From l to r: Ministers Rovana Plumb, Annika Strandhäll and Åsa Regnér. Photo: TT

Romania and Sweden to cooperate on beggars

Sweden and Romania have said they will cooperate and work against fighting poverty within the Roma community, following key talks between ministers from both countries in Stockholm. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Society
Meet the 'beggars' buttoning up immigration critics
Lifestyle
What's on in Sweden this week
Gallery
IN PICTURES: Princess Madeleine through the years
Features
Learn Sweden's bizarre dating lingo
People-watching: January 21st - 22nd
Gallery
People-watching: January 21st - 22nd
Blog updates

23 January

Editor’s blog, January 23rd (The Local Sweden) »

"Happy Friday from The Local’s team in Stockholm. We can’t wait for the weekend, when we’re planning..." READ »

 

14 January

Adjectives and nouns (The Swedish Teacher) »

"Hi there, The other day I got a question about combining adjectives and nouns: When you have a..." READ »

 
 
 
Lifestyle
'Life as a Swedish candy-maker is sweet'
Society
Why Sweden's viral 'genital' video is getting an English remake
Gallery
IN PICTURES: January snow snaps
National
Why does Sweden's Luleå have a giant ice beaver?
Gallery
IN PICTURES: Who are Sweden's richest one percent?
Business & Money
How a classic Swedish snack got a revamp for 'busy' Stockholmers
Lifestyle
The Local's top Swedish acts for 2015
Gallery
IN PICTURES: Sweden's Årets Bild photography prize winners
Business & Money
'I met my Swedish man in Tokyo's first Ikea store'
Gallery
Property of the week: A cozy apartment in Bromma, Stockholm
Gallery
People-watching: January 17th - 18th
Lifestyle
How to make Swedish gravad lax
Lifestyle
Four hot Swedish home design trends
National
How The Local's video on a strange Swedish sound went viral
Gallery
People-watching: January 14th
National
The Local's guide to Europe in statistics - from Spain to Sweden
Politics
Paris attacks: Knock-on effects in Sweden and across Europe
National
Swedish Muslims react to new Charlie Hebdo magazine
National
The Local talks to Sweden's Home Affairs Minister about Paris attacks
Business & Money
Will Spotify launch on stock market after users rocket?
Accelerated
Texans and Swedes to play ice instruments
Gallery
Property of the week: An 18th century mansion in Stockholm
Business & Money
'Snowboarding drew me to work in chilly Sweden'
National
Are Sweden's royals moving to London?
National
How Sweden's Charlie Hebdo rally broke a winter protest record
Gallery
IN PICTURES: Princess Madeleine through the years
Gallery
IN PICTURES: Stockholm's 'no pants' subway day 2015
Gallery
People-watching: January 10th - 11th
Gallery
IN PICTURES: Stockholm holds Charlie Hebdo rally
National
Have you seen Sweden's viral children's 'genital' song?
National
Mother of 'Superman' victim warns of ecstasy drug trend in Sweden
National
Are wolves on the loose in the Swedish capital?
Gallery
People-watching: January 7th
National
Stockholmers discuss why they joined global Paris shooting vigils
Gallery
IN PICTURES: Sweden's reaction to Paris magazine shootings
National
The best Swedish songs of the month
National
Ten Swedes who made a lasting impact on the United States
National
The Local meets northern Sweden's frozen Roma beggars
Sponsored Article
Everything you need to know about moving to Stockholm
Sponsored Article
How to jump-start your career in southern Sweden
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

1,144
jobs available
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
psdmedia.se
Counselling and Psychotherapy in English
Sometimes living in another culture can cause stress, confusion and feelings of sadness and loneliness. Talking to a professional psychotherapist/counsellor might help you. I am a UKCP Reg. psychotherapist. My practice is in Södermalm, Stockholm.
Contact me to discuss your options