Volkswagen Declares Scania Buyout Unconditional with Required Shares
After being rejected by several smaller stockholders and not reaching its requirement of more than 90% of all shares by the April 25 deadline, Volkswagen has now reached an agreement with shareholders to tender enough shares of Scania to Volkswagen to call the deal fulfilled.
On February 21, 2014, Volkswagen announced a public offer to the shareholders of Scania to tender all shares in Scania to Volkswagen at a price of SEK 200 in cash per share, regardless of share class. As of today, May 13, the shares tendered, together with the shares already held or otherwise controlled by Volkswagen, amount to in aggregate 723,733,927 shares in Scania, comprising 390,197,071 "A" shares and 333,536,856 "B" shares, corresponding to 90.47% of the shares and 96.26% of the voting rights in Scania.
Thus, Volkswagen announced today that all conditions for completion of the offer have been fulfilled. Accordingly, the offer has been declared unconditional in all respects and Volkswagen will complete the acquisition of the shares tendered; settlement for shares tendered up until May 12 is expected to take place on or around May 19. The extended acceptance period allows remaining shareholders of Scania to accept the offer until May 16 at 5:00 pm (CET). Settlement for shares tendered after May 12 is expected to take place on or around May 27. Martin Winterkorn, Chairman of the Board of Management of Volkswagen, commented on the deal.: