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.