Volkswagen Extends Scania Offer Deadline After Failing to Win 90%
Volkswagen AG extended the offer period for its $9.2 billion bid to buy out Swedish truck maker Scania AB after failing to reach the necessary 90% threshold of approvals.
Wolfsburg, Germany-based Volkswagen, which already controls almost two-thirds of Scania鈥檚 equity, received acceptances giving it 88.25% of the company.
That鈥檚 short of the 90% needed under Swedish law to force out remaining investors and delist Scania. Volkswagen reiterated it won鈥檛 boost its offer of about $30 per share.
VW said it did not buy stock or other financial instruments in Scania during the offer term, which expired April 25. Investors now have until May 16 to tender their stock.
鈥淲e are confident鈥 the new deadline will result in 鈥渢he necessary acceptance level for this transaction,鈥 Volkswagen CFO Hans Dieter Poetsch said.
Volkswagen is pushing the deal to advance cooperation between Scania and Munich-based MAN SE, which VW also controls.
Scania鈥檚 integration is vital to the VW鈥檚 effort to forge a global heavy-vehicle business that can compete with leaders Daimler AG and Volvo AB.
