Volkswagen plonks down $11.6b to grab all of Scania
BERLIN (AFP) - Europe's biggest carmaker, Germany's Volkwagen, said Friday it was making a 6.7-billion-euro (S$11.6 billion) offer to grab the nearly 40 per cent of Swedish truck manufacturer Scania it does not already own.
Volkswagen currently has nearly 90 per cent of voting shares in Scania, and owns 62.6 per cent of the company.
It is telling shareholders of the outstanding stock it is willing to pay them 200 Swedish kronor per share, a premium of more than 50 per cent that values the total offer at 6.7 billion euros.
The buy is conditioned on Volkswagen ending up with at least 90 per cent of Scania. If that happens, the German group will withdraw the listed Swedish firm from the Stockholm stock exchange.