On Tuesday, the company said Scania shareholders had agreed to sell enough stock to give VW control.47 percent of Scanias capital and.26 percent of the voting rights. That will allow VW to enact so-called squeeze-out provisions to take full control of the company. Scania AB, formerly AB Scania-Vabis, is a major Swedish manufacturer of commercial vehicles specifically heavy trucks and buses. It also manufactures diesel engines for heavy vehicles as well as marine and general industrial applications.
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The company decided to pursue full control earlier this year to combine Scania with its Volkswagen Commercial Vehicles business and the German truck maker MAN, in which VW gained full control last year after taking a majority stake in 2011. That will allow VW to enact so-called squeeze-out provisions to take full control of the company. After renewed talks with Volkswagen, it is our conclusion that a higher bid price cannot be achieved, Alecta said in a statement. Winterkorn, who is also the chairman. VW on April 30 extended the acceptance period until May 16 after failing to reach that level. Despite VWs large ownership stake, Scania had remained an independently managed company. VW has been an investor in Scania since 2000 and controlled.2 percent of the voting rights before its takeover bid. In February, VW offered to buy the shares of Scania that it did not already own for.7 billion euros, or about.2 billion, in an all-cash deal.
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