VW gets Scania stake in $4.37 billion deal
Apr 1, 2008 12:00 PM
Volkswagen AG took control of Swedish truck maker Scania AB in a $4.37 billion deal, which could lead to a broader consolidation in the global truck industry.
Creating a larger truck company could make VW a credible global competitor to Daimler AG and AB Volvo.
VW will hold 68.6 percent of the voting shares.
“This step underlines the importance Volkswagen attaches to its participation in Scania,” said Dr. Martin Winterkorn, chairman of the board of management of Volkswagen AG.
VW sees a very bright future with strong growth for Scania. It 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 intends to maintain the headquarters and the engineering competence centers in Södertälje.
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