Volkswagen has increased its stake in truck manufacturer Scania to 68.6% after buying the shares from a powerful Swedish family. The Wallenbergs, who held a 30% stake through industrial holding firm Investor AB and the Wallenberg Foundation, sold their shares to the German carmaker for €21 per share.
“Scania has been an important part of Investor since its inception more than 90 years ago,” said Jacob Wallenberg (pictured), chairman of Investor AB. “We are very privileged to have been part of its development and proud of what the company and its employees have accomplished over the years.”
Volkswagen became the lead shareholder of Scania in March 2000 when it acquired 18.7% of the capital and 34.0% of the votes in Scania from Investor. Investor committed itself to remain a shareholder for at least two years.
“For the last eight years we have been a minority shareholder of Scania with Volkswagen as the lead shareholder,” Wallenberg added. “The last eight years have shown that Volkswagen is a capable and responsible industrial shareholder.”