Wallenbergs could be forced to bid for Scania
The Local · 9 Nov 2006, 10:27
Published: 09 Nov 2006 10:27 GMT+01:00
After purchases on Tuesday, Investor AB has a 20.01 percent voting stake in Scania, and together with the Wallenberg foundations, the Wallenbergs control 30.6 percent of the votes in the truck maker.
The Wallenberg foundations own 46.6 percent of the votes in Investor, and the foundations also have a direct 9.7 voting stake in Scania.
A 30 percent voting stake usually obliges the holder to make a bid.
"Potentially, this could trigger a mandatory bid," Annika von Haartman at Sweden's FSA was quoted as saying by the newspaper.
Investor claims the foundations are acting separately from Investor and hence the 30 percent bid rule is not applicable.
"We at Investor are acting independently according to what we think is best. The foundations also have to act according to what they think is best," Fredrik Lindgren, a spokesman for Investor said, according to Dagens Industri.