Volkswagen makes tender for Swedish truck company Scania

Feb. 21, 2014 at 3:09 PM

BERLIN, Feb. 21 (UPI) -- German automaker Volkswagen said Friday it would set out a tender offer to buy Swedish truck group Scania, valuing the company at $9.2 billion.

"The offer reflects our fundamental view of Scania's value and the long-term strategic potential of fully integrating Scania within the Volkswagen Group," the company's Chairman of the Board Martin Winterkom said in a statement.

Volkswagen said the offer stands "regardless of share class."

The offer is for the 298,910,903 shares Volkswagen does not already control.

The offer is a 57 percent premium based on a share price average in the 90 days before Feb. 21, when the company went public with the offer.

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