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Volkswagen has secured enough shareholder support to push ahead with its $9.2-billion bid for Scania, enabling it to force out remaining owners and delist the company from the stock market, the car manufacturing company said on Tuesday.
“We are pleased that Scania shareholders have accepted our attractive offer within the desired timeframe,” Volkswagen chief Martin Winterkorn said in a statement.
The deal takes Volkswagen’s share in Scania from 88.25 to 90.47 per cent, clearing the 90-per-cent hurdle required under Swedish law to take the company off the stock market and push out remaining owners.
Tuesday’s decision ends an effort that began in 2006 to create an integrated heavy trucks unit that can compete with the likes of Daimler and Volvo.
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