Europe's biggest carmaker Volkswagen AG said
Thursday it had received the green light from anti-trust authorities
for its 2.8-billion euros (4.4-billion dollars) bid to take majority
control of giant Swedish truck manufacturer Scania AB.
Approval for the German-based VW's move to acquire the majority stake
in Scania was required from monopoly authorities in several nations as
well from the European Commission. 'We are delighted that
Scania will now become the group's ninth strong brand under the roof of
Europe's largest automobile manufacturer,' said VW chief Martin
Winterkorn. 'As with all of our group brands, Scania will
retain its own corporate headquarters, its own culture and its own
profile,' he said. Under a deal reached in March with
Scandia's two former key shareholders Investor ABV and the Wallenberg
foundations, VW is to raise its voting rights in the truck maker from
37.98 per cent to 68.60 per cent. VW plans to fully consolidate Scania into its operations during the second half of the year.
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