Porsche bids on remaining Scania shares

Porsche bids on remaining Scania shares
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.