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Volkswagen increases stake in Sweden's Scania

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Volkswagen increases stake in Sweden's Scania
08:47 CET+01:00
German automaker Volkswagen has bought a huge stake in Scania to increase its influence over the Swedish truck builder.

The Wolfsburg-based Volkswagen purchased the holdings of the Wallenberg Foundation and Investor AB to increase VW's voting-rights in Scania from 38 to 68.6 percent, the German car company announced on Monday. The deal will cost VW roughly €2.9 billion.

VW already controlled the Swedish truck maker along with Munich's MAN, which also makes heavy-duty utility vehicles. Volkswagen paid 200 Swedish kronar (€21.39) per share to increase its capital stake from 20.89 to 37.73 percent.

The Swedish financial stalwart Investor AB called its sale to VW a "natural step" to clear the shareholder structure in order to help strengthen Scania. The firm, which for months had prevented MAN from taking over Scania, said VW had proven itself to be a trusted custodian of well-known Swedish industrial brand.

"The last eight years have shown that Volkswagen is a capable and responsible industrial shareholder," commented Jacob Wallenberg, Chairman of the Board of Investor AB.

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