Scania shareholders accept VW deal
Volkswagen’s (VW’s) offer for Scania’s shares has been declared unconditional with VW to become the owner of 90.47% of all shares in Scania on completion of the offer. The offer made to the shareholders of Scania Aktiebolag on 21st February 2014 invited them to tender all shares in Scania to VW at a price of SEK200 (£18.12) in cash per share, regardless of share class.
At the time of going to press, the shares tendered in the offer, together with the shares already held or otherwise controlled by VW, amount in aggregate to 723,733,927 shares in Scania, comprising 390,197,071 A shares and 333,536,856 B shares, corresponding to 96.26% of the voting rights in the Swedish CV builder. An extended acceptance period allows remaining shareholders of Scania to accept the offer until 17.00 on 16 May 2014. VW will then initiate compulsory acquisition of the remaining shares in Scania as well as promote a delisting of Scania’s shares from NASDAQ OMX Stockholm.
Chairman of the Board of Management of Volkswagen, Martin Winterkorn, said, ‘We are pleased that Scania shareholders accepted our highly attractive offer to the necessary extent. This is good news for the Volkswagen Group as a whole, as we can now take the next logical and consistent step in our strategy to strengthen the operational integration between Scania, MAN and VW Commercial Vehicles to create a leading commercial vehicles group. The success of the offer is also good news for Scania, as the company will be a core element of the integrated commercial vehicles group which will open up new opportunities for all parties involved. Not least, it is good news for Scania’s employees, as our agreement with Scania trade unions to safeguard jobs and locations in Sweden will now come into effect and will be implemented swiftly.’