VW to complete purchase of Scania

VW to complete purchase of Scania

May 14th, 2014 by Associated Press in Local - Breaking News

CEO of Volkswagen AG, Martin Winterkorn, front arrives with the chairman of the Supervisory Board, Ferdinand Piech, , back right, at the annual general meeting of the car manufacturer in Hannover, northern Germany in this file photo.

Photo by Associated Press /Times Free Press.

FRANKFURT, Germany - German automaker Volkswagen AG has enough shares to take complete ownership of Swedish truck-maker Scania and move ahead with integrating its commercial vehicle business.

VW said Tuesday that enough shareholders have accepted its 6.7 billion euro ($9.2 billion) offer to raise the company's stake in Scania to 90.47 percent.

That's enough to let VW buy out the rest of the shareholders and delist Scania -known as a squeeze-out. Volkswagen already held 62 percent majority stake in Scania and 89 percent of the voting rights.

VW CEO Martin Winterkorn said the deal will let the company move ahead with further integrating Scania with truck-maker MAN and Volkswagen's own commercial vehicle business. Volkswagen took control of MAN last year.