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Volkswagen takes majority share in Scania
Page 6
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VOLKSWAGEN HAS become the majority shareholder in Scania after acquiring the entire Investor AB and Wallenberg Foundations stake in the Swedish truck giant.
The moves ends the speculation that has surrounded the future of Scania for some time, especially regarding a three-way merger between Scania, VW and MAN (of which VW is also a majority shareholder). At a press conference held by Investor AB. its president and CEO 13orje Fkholm said: "This transaction is the best solution for Scania. VW has stated that Scania will continue as an independent company and develop its premium brand led by its existing management.
"The deal includes all shares from Investor and the Wallenberg Foundations [totalling SEK26.9bn (12.2bn)]."
Martin Winterkom, chairman of Volkswagen AG, sees the acquisition as positive. "Scania is a unique and high-performing company," he says. "For Scania this is a big step towards a clear and lasting shareholder structure. Scania is one of the greatest engineering companies in our industry — we believe in the company. "We have no plans for structural changes, in particular with regard to Scania's workforce. There will be no changes in the Scania management team. We are in a good position to carry on Scanias success story. Our partnership has a great potential and together we are ready to tap into it."
Leif Ostling, president and CEO of Scania, welcomes an end to the continuing uncertainty: "The speculation about ownership of Scania will be gone, which is very good for the management and all the people working in the organisation.
"We have a bright future together. We can share technology in an even more open way than we have done in the past."
These comments will no doubt increase speculation about a threeway merger which could see Scania, MAN and VW's South American truck business co-operate more closely. MAN head of media relations Andreas Lampersbach says the initial reaction from MAN is that it welcomes the acquisition.