* Alecta shareholding worth 2 pct of Scania capital
* Minority shareholders split over 200 SEK/share offer
* Scania shares trading below bid level
(Adds detail, background)
STOCKHOLM, April 23 Swedish pension firm Alecta
said on Wednesday it had chosen not to accept Volkswagen's
200 per share offer for the outstanding stock in
Scania, saying it did not reflect the long-term value
of the truck maker.
The decision by Alecta, third biggest owner of Scania
capital with a 2 percent stake as per March 31, and several
other smaller owners to reject the offer fuels doubts whether VW
will land the 90 percent acceptance it set to complete the bid.
"The decision has not been easy, but in a longer perspective
it is our assessment that this is what most benefits the
interests of our customers," Alecta said in a statement.
The acceptance period for Volkswagen's offer runs through
April 25 but Scania shares have been trading well below the bid
level in recent weeks amid growing uncertainty whether it will
secure the sufficient backing.
Minority shareholders, primarily Swedish pension funds, have
been split over the offer with several of the largest --
including Skandia, the AP4 fund, AMF and now Alecta -- lining up
against it while others, such as Nordea Funds and GAMCO, have
said they will accept it.
Separately, business daily Dagens Industri reported without
disclosing its sources that Handelsbanken Fonder had opted to
accept the offer while another pension fund, SEB Fonder, said it
had also accepted. Both own stock worth about 1 percent of
The combined stake of the larger minority owners that have
publicly come out against the offer - roughly at around 5
percent as per March 31 - remains below the 10 percent needed
for the bid to fail.
Against this backdrop, the decision by pension fund Swedbank
Robur, fourth biggest owner of Scania capital with a 1.9 percent
stake, is likely to be key. It has yet to commit either for or
against the bid.
Volkswagen has said it will not raise its bid. Together with
MAN SE, which it also controls, it owns stock worth
nearly 90 percent of votes but only about 60 percent of capital,
leaving it needing the acceptance of owners of roughly a third
Scania shares closed at 183 crowns on Tuesday.
(Reporting by Niklas Pollard; Editing by Alistair Scrutton)