The Volkswagen Group has received the antitrust approvals necessary to acquire a majority voting stake in Swedish truck manufacturer Scania AB. The majority voting stake is expected to be acquired on July 22, 2008. In addition to the approval by the European Commission, a large number of antitrust proceedings were required in other countries worldwide.
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In March this year, Volkswagen reached an agreement with Investor AB and the Wallenberg foundations regarding the acquisition of their entire shareholdings in Scania. Volkswagen will therefore increase its share of voting rights in Scania from 37.98 percent to 68.60 percent. Its equity interest will rise to 37.73 percent (from 20.89 percent). The purchase price amounts to approximately EUR 2.8 billion. The Volkswagen Group will fully consolidate Scania in the second half of the year.
“We are delighted that Scania will now become the Group’s ninth strong brand under the roof of Europe’s largest automobile manufacturer,” said Prof. Martin Winterkorn, Chairman of the Board of Management of Volkswagen AG. Scania now has a clear shareholder structure, he added. “As with all of our Group brands, Scania will retain its own corporate headquarters, its own culture and its own profile,” said Winterkorn.
