Friday, July 18, 2008
VW Group acquires Scania
The Volkswagen Group is to acquire a majority voting stake in Swedish truck manufacturer Scania for €2.8 billion (£2.2bn).
The majority voting stake is expected to be acquired on July 22.
Volkswagen will increase its share of voting rights in Scania from 37.98% to 68.60%. Its equity interest will rise to 37.73% from 20.89%.
VW will fully consolidate Scania in the second half of the year.
Martin Winterkorn, VW Group chairman, said: "Scania will become the group's ninth strong brand under the roof of Europe's largest automobile manufacturer.
"As with all of our group brands, Scania will retain its own corporate headquarters, its own culture and its own profile."
DATED: 18.07.08
FEED: AM
The majority voting stake is expected to be acquired on July 22.
Volkswagen will increase its share of voting rights in Scania from 37.98% to 68.60%. Its equity interest will rise to 37.73% from 20.89%.
VW will fully consolidate Scania in the second half of the year.
Martin Winterkorn, VW Group chairman, said: "Scania will become the group's ninth strong brand under the roof of Europe's largest automobile manufacturer.
"As with all of our group brands, Scania will retain its own corporate headquarters, its own culture and its own profile."
DATED: 18.07.08
FEED: AM
