April 30, 2014 / 6:51 AM / in 4 years

VW extends Scania buyout period until May 16

BERLIN, April 30 (Reuters) - Volkswagen has extended the period for minority shareholders of Swedish trucks division Scania to accept a buyout offer, the company said on Wednesday.

Adding the shares tendered in VW’s offer, the German group said it now controls 88.25 percent of Scania’s equity and 95.81 percent of the voting rights.

VW has set a 90 percent acceptance threshold for all shares in Scania. The acceptance period will be extended until May 16 at 1500 GMT.

“We’re confident that during the extended acceptance period we will meet the necessary acceptance level for this transaction,” VW said.

The carmaker is aiming to take full control of Scania to jump-start a long-planned effort to forge an alliance of its heavy-truck divisions Scania and MAN. (Reporting by Andreas Cremer)

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