Volkswagen resumes their buying spree, moves to takeover the rest of Scania
Scania R 520 6×4 Highline cab
Deal would be worth 6.7 billion euros
Volkswagen has resumed their buying spree as the company has offered Scania shareholders approximately €6.7 ($9.2) billion to purchase the rest of the company.
The offer equates to approximately €22.26 ($30.59) a share and represents a healthy 57 percent premium over Scania A-Class shares.
In a statement, Volkswagen Chairman Prof. Dr. Martin Winterkorn said “With its premium products, its strong market position and its technological expertise, Scania is a core element of the integrated commercial vehicles group that we intend to accomplish under the umbrella of the Volkswagen Group.” He added, “Our offer is designed to create a sustainable and clear ownership structure for Scania. This is a key step towards being able to fully exploit the advantages offered by the integrated commercial vehicles group for everyone involved.”
That’s a little vague but Volkswagen wants the deal to go through so they can more closely align Scania and MAN. As the company explained, the takeover will enable them to avoid “legal restrictions in place to protect the minority shareholders in Scania.”
Scania didn’t have much to say about the bid but the company’s board of directors said they are “not conflicted” with the offer and will have an “initial meeting” about it shortly.