More Shareholders Reject VW's Bid for Scania

Volkswagen AG's bid to acquire all of commercial truckmaker Scania AB is running into increasingly strong headwinds, Bloomberg News reports.

VW currently owns 63% of the Swedish company. In February it offered to pay 200 kronor (€22) per share for the remaining equity, or 36% more than the closing price of Scania shares at the time.

But the offer is contingent upon VW amassing at least 90% of the company's shares by April 25. Under Swedish law, ownership of at least 90% forces remaining shareholders to sell and delist the company.

Two more Scania shareholders, Alectra and AFA Foersaekring, said today they won't accept VW's bid. That brings the combined stake of major shareholders that don't support the offer to at least 5.2%, according to Bloomberg. VW said earlier this month it won't increase its bid.