On Monday, Porsche Automobil Holding SE, Stuttgart, purchased further ordinary shares in Volkswagen AG, Wolfsburg, increasing its holding to 50.76 per cent of all ordinary voting shares in Volkswagen. As a result of passing the threshold of 50 per cent, Porsche will acquire indirect control over Scania AB, Södertälje, and is required by Swedish law to launch a mandatory offer for the truck manufacturer.
The Stuttgart-domiciled company is not bound by pre-acquisition prices and is only obliged to offer the minimum price prescribed by law. The minimum price will be calculated on the basis of the volume weighted average stock exchange price of the Scania shares during the 20 trading days prior to publication of the acquisition of the majority in Volkswagen. Porsche released a statement to point out that it has no strategic interest in Scania and is not interested in acquiring Scania shares.
The news comes as no surprise as Porsche had previously stated that they intend to increase their stake in Volkswagen by up to 75 per cent.
