Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Porsche bids on remaining Scania shares

Share this article

Porsche bids on remaining Scania shares
10:55 CET+01:00
German luxury automaker Porsche announced on Monday it was offering €2.8 billion ($3.7 billion) to buy up the rest of Swedish truckmaker Scania.

Porsche added, however, that it had "no strategic interest" in Scania and that the takeover bid was a legal requirement following its acquisition of more than 50 percent of Volkswagen earlier this month.

As Volkswagen holds more than 30 percent of Scania, Porsche indirectly became the majority shareholder in Scania.

Swedish takeover law obliges Porsche to bid for the remaining shares not under its direct control through the Volkswagen deal, the statement said.

Porsche -- the maker of the iconic 911 sportscar -- said Scania's shareholders had from January 21st to February 10th to accept their offer for the shares.

It added that it was offering the minimum price required by law.

Get notified about breaking news on The Local

Share this article

From our sponsors

‘No other place in Europe has such as high density of talent'

London has always had a certain allure that pulls in entrepreneurs from near and far. As one of the world's most connected cities, a top financial centre and a multicultural melting pot, countless professionals from Europe and beyond are drawn to London like moths to a flame.