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.