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SCANIA

Wallenbergs could be forced to bid for Scania

The Swedish Financial Supervisory Authority is to look into whether the fact the Wallenberg family controls 30 percent of the votes in Scania obliges it to make a bid for the truck maker, Dagens Industri reported.

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.

AFX

WALLENBERG

Sweden financier Peter Wallenberg dies in sleep

UPDATED: One of Sweden's most powerful financiers, Peter Wallenberg, has died at the age of 88, with the country's King Carl XVI Gustaf saying he had lost "a close and loyal friend".

Sweden financier Peter Wallenberg dies in sleep
Peter Wallenberg in 2014. Photo: TT
Peter Wallenberg, who was born in 1926, came from one of Sweden's most prominent families, with other relatives active in banking, politics, diplomacy and business.
 
His most famous relative was Raoul Wallenberg, a diplomat who saved tens of thousands of Jews from the Holocaust during World War Two and who went missing seventy years ago this weekend.
 
Peter Wallenberg had a long career in finance after graduating from law school. He worked in the UK, the US and Africa, before settling in Sweden and working on the board of several leading industrial companies including Electrolux and Ericsson. He also helped establish Anglo-Swedish drugmaker AstraZeneca in 1999.
 
Until earlier this month he had remained active in the Knut and Alice Wallenberg Foundation, a Sweden's largest private financial research organisation.
 
During the past five years, the foundation has granted a total of five billion kronor for various projects, mainly at Swedish universities.
 
"With deep regret, the Management Board of the Knut and Alice Wallenberg Foundation announce that its honorary president Peter Wallenberg died in his sleep at his home on Monday at the age of 88," said a statement from the foundation.

"Peter Wallenberg has been active on the board since 1971 and has held the presidency from 1982 until recently," it added.

Wallenberg became heavily involved in the foundation after his older brother Marc Wallenberg killed himself in 1971.
 
“Marc and I were very close,” he told Sweden's Sydsvenska Dagbladet newspaper back in 2006.
 
“I didn’t see what was coming, despite sitting talking to him two hours before he took his life. It was a big misfortune and I felt a terrible emptiness.”
 
Reacting to the news of Peter Wallenberg's death, Sweden's King Carl XVI Gustaf said in a written statement: "Peter Wallenberg has meant a lot to Swedish industry. He was also deeply involved in the Knut and Alice Wallenberg Foundation, which contributed to scientific development in Sweden. For the royal family, Peter was a close and loyal friend."
 
Sweden's Prime Minister Stefan Löfven said that he had "great respect" for the financier, who he said had played a "big role in Swedish business for decades."
 
Peter Wallenberg was married three times and leaves behind two sons.