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March 05, 2008

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Volkswagen acquires entire Investor and Wallenberg Foundations stake in Scania

Volkswagen to become 68.6% voting shareholder in Scania

Wolfsburg - Volkswagen has reached an agreement with Investor AB and the Wallenberg Foundations regarding the purchase of their stakes in Scania (in total 134,711,900 A-shares or 30.62% of Scania’s voting rights) for a consideration of 200 SEK per A-share in cash. The purchase of the stake will increase Volkswagen’s total votes in Scania to 68.60% (previously 37.98%) which corresponds to 37.73% of the capital (previously 20.89%). This move is an important step towards clarifying the long-term shareholder structure of Scania. The completion of the purchase is subject to merger clearance.

Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen AG said: "This step underlines the importance Volkswagen attaches to its participation in Scania. Scania is a strong premium brand which has a prosperous future. We will support the management of Scania and its team in executing the strategy of profitable growth. Investor and Volkswagen have worked successfully together for eight years and during this time Scania has achieved record sales and profit. Both parties believe that this transaction is in the best interest of Scania and Sweden."

Volkswagen sees a very bright future with strong growth for Scania. Volkswagen will keep and develop Scania as a strong premium brand and will exercise its influence in the company with the objective of maximizing the long-term value for all shareholders. Volkswagen does not foresee any further structural changes that would affect adversely the employees of the company.

The continuity of Scania’s management team has always been a key priority for Volkswagen. Furthermore, Volkswagen intends to maintain the headquarters and the engineering competence centers in Södertälje. "We will continue to act as a responsible shareholder in the company in line with Swedish corporate governance practice and ensure that Scania’s Board of Directors is comprised of strong and well qualified members including strong independent representation", Volkswagen’s Chairman commented.

(March 03, 2008)

 


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