VW receives go ahead for Scandia takeover
Berlin - Europe's biggest carmaker Volkswagen AG said Thursday it had received the green light from anti-trust authorities for its 2.8-billion euros (4.4-billion dollars) bid to take majority control of giant Swedish truck manufacturer Scania AB.
Approval for the German-based VW's move to acquire the majority stake in Scania was required from monopoly authorities in several nations as well from the European Commission.
"We are delighted that Scania will now become the group's ninth strong brand under the roof of Europe's largest automobile manufacturer," said VW chief Martin Winterkorn.
"As with all of our group brands, Scania will retain its own corporate headquarters, its own culture and its own profile," he said.
Under a deal reached in March with Scandia's two former key shareholders Investor ABV and the Wallenberg foundations, VW is to raise its voting rights in the truck maker from 37.98 per cent to 68.60 per cent.
VW plans to fully consolidate Scania into its operations during the second half of the year. (dpa)