VW Extends Scania Stock Offer

Volkswagen AG failed to gain 90% of shares in truckmaker Scania AB by its April 25 deadline but is confident it will succeed by extending the takeover bid to May 16.

VW's €6.7 billion offer (200 kronor or €22 per share) garnered acceptances representing 88.25% of Scania's shares by the original April 25 deadline, according to the company. It reiterates that it will not offer more for the shares, a step analysts say may coax remaining shareholders to sell.

Before its offer, VW held 63% of Scania's shares and controlled 89% of the voting rights. If it can reach 90% stock ownership, the company can under Swedish law force remaining Scania shareholder to accept its offer.

VW is keen to fully merge its own commercial truck operations with those of Scania and its recently acquired MAN truck unit.