Posted on 18-07-2008 by Mili
The world-renowed Swedish truck manufacturer, Scania, has been acquired by the Volkswagen Group (VAG). Recently VAG has received antitrust approvals to increase their shares in Scania from 37.98 percent to 68.60 percent, bringing Scania well within the majority of voting rights, and officially taking control of the company.
It is known that VAG also has shares in MAN AG (German truck manufactuer). MAN was supposed to make a hostile takover of SCANIA, (while the Volkswagen Group, who owned stakes in both companies, came winning from the allegedly merger) but that has been denied, and VAG acted on its own on Scania shares.
Coming as the ninth company in the VAG portfolio, Prof. Martin Winterkorn, Chairman of the Board of Management of Volkswagen AG. stated that Scania will retain its well known values, its corporate identity and established culture, while having a clearer shareholder structure.
Scania will not change its name after Volkswagen either, “Scaniagen” is just something we invented.