Volkswagen set to buy rest of Scania
The German automotive group Volkswagen looks set to acquire the entire stake in Swedish commercial vehicle maker Scania for €6.7bn (£5.59bn). The company currently holds a total of 89.2 per cent of the voting rights and 62.6 per cent of the capital of Scania. The move will enable Volkswagen to remove the current obstacles to cooperation and enable key joint projects to be implemented.
Volkswagen has confirmed they will not make any structural changes at Scania regarding its employees, production locations and development centres. Volkswagen commercial vehicles board of management member Leif Östling said that the plan to fully integrate Scania into the Volkswagen Group follows a compelling industrial logic.
“It will significantly improve the capabilities, efficiency and flexibility of the commercial vehicles group comprising Scania, MAN and Volkswagen Commercial Vehicles, for example by implementing a common toolkit strategy similar to the one used in our passenger cars,” Mr. Östling said.
The latest is a continuation of a share acquisition and positioning saga that Tyres & Accessories has been covering since 2006.