VW Prevails in Bid to Acquire Scania

Volkswagen AG has garnered shareholder support for a 90.5% stake in Scania AB, thus enabling it to acquire the Swedish truckmaker outright.

VW has been trying to integrate Scania with its own commercial truck operations and its MAN truck affiliate for nearly eight years. The company expects to reap significant savings by coordinating product development across all three brands.

In February the company hired Andreas Renschler, the former head of Daimler AG's commercial truck unit, to organize and run the three operations.

VW already owned 63% of Scania's shares when it launched a €67 billion offer in February to increase its holdings. Under Swedish law, stock ownership of 90% or more enables VW to force out remaining shareholders and delist the company.