Swedish automotive manufacturer Scania has agreed to sell its shares to German automaker Volkswagen Group for $9.2bn.
Following the transaction Volkswagen will own 723,733,927 shares in Scania representing 90.47% stake including its 390,197,071 A-shares and 333,536,856 B-shares as well as 96.26% voting rights in the company.
According to Volkswagen, the settlement for shares tendered up until 12 May 2014 is expected to take place on or around 19 May 2014.
Volkswagen board of management chairman Martin Winterkorn said this is good news for the group as a whole, as it can now take the next logical and consistent step in its strategy to strengthen the operational integration between Scania, MAN and Volkswagen Commercial Vehicles to create a leading commercial vehicles group.
"The success of the offer is also good news for Scania, as the company will be a core element of the integrated commercial vehicles group which will open up new opportunities for all parties involved," Winterkorn added.
Volkswagen had publicly offered a bid of SEK200 ($30.55) in cash per share tendered by Scania on 21 February 2014.
