BERLIN (The Deal) -- German carmaker Volkswagen AG on Tuesday, May 13, said its 6.7 billion euros ($9.25 billion) offer for the outstanding minority stake of Swedish truck and bus company Scania has succeeded, allowing it to realize a dream of better competing against larger truckmaking rivals Daimler and Volvo.
After extending the deadline for investors to sell their shares, VW said the offer hauled in 723.7 million Scania shares, giving the Wolfsburg, Germany-based carmaker 90.5% of Scania.
VW had said it would only buy the shares if it could become at least a 90%-owner in Scania. It can then legally squeeze out recalcitrant shareholders and delist the company.
"We are pleased that the necessary number of Scania shareholders have accepted our attractive offer," said Volkswagen Chairman Martin Winterkorn at the company's annual general meeting Tuesday.
The maker of the Beetle, the Golf and Audi luxury cars can now finally realize a more than decade-old dream of supervisory board chair Ferdinand Piech. In the '90s, as VW chairman, he envisioned a company that made everything from economical city cars to hulking trucks. Piech is the patriarch of the Porsche family that founded both VW and its namesake sportscar manufacturer.
The company first bought a minority stake in Scania in 2001 with Piech at the helm. Five years later, it bought a minority stake in Munich truckmaker MAN SE as MAN itself considered buying Scania to outmaneuver Volkswagen. Volkswagen then gradually increased its MAN stake and gained three-fourths of the Munich-based truckmaker last year.