Volkswagen Completes Acquisition of Scania to Build Global Commercial Vehicle Alliance
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Volkswagen's near completion of the Scania Volkswagen Group has received support from most of Scania's shareholders in Sweden and is close to purchasing all of the latter's shares, aiming to integrate Scania and Mann's two major commercial vehicle companies to create scale. Daimler's largest global commercial vehicle alliance.
Volkswagen is about to completely annex Scania 2014 May 2014-2018 Market analysis of supply and demand in China's various auto lock industries and development strategy consultation 2014-2018 Feasibility Study Report of China Auto Hybrid Power System Project 2014-2018 China Auto Cushion Project Feasibility Study Report 123 On April 30, the Volkswagen Group issued a statement that it has controlled the 88.25% stake in Scania (ie share capital, Share Capital) by including the equity of the public tender offer (Offer). , And 95.81% of the voting rights (ie tendering rights, Voting Rights), further from the goal of completing the acquisition of 100% stake in Scania (the above ratio is included in the public subsidiary Mann holds Scania's equity).
Volkswagen claimed that it had already received the majority of Scania's shareholder support and stepped away from the "Acceptance Threshold" of Scania's poor shareholders.
VW said that it has extended the "acceptance threshold" to the Central European Time (CET) on May 16 at 16:00 PM. According to Swedish law, once Volkswagen’s ownership of Scania’s shares reaches 90%, other investors can be forced to leave the market and Scania is delisted. All equity is completely owned by the public.
Hans Dieter Poetsch, Volkswagen’s chief financial officer, stated in the statement: “We are very confident that we will reach the threshold required for the transaction during the extended period. This is indeed a case for us to complete the integration of commercial vehicle groups. Important milestones."
In addition, on the same day, Volkswagen reiterated that it will not increase bids. On February 21 this year, Volkswagen Group issued an announcement saying that within the next 90 days (including the 21st), it will offer a price of 200 Swedish kronor per share (approximately 22.26 euros) for the acquisition of all A shares of Scania. B-shares, a total of 298,910,903 shares, worth about 6.7 billion euros (about 9.21 billion US dollars).
By the time Volkswagen announced that it would launch a bid in February, its joint Mann had a total of 62.6% stake in Scania and 89.2% of the voting shares. Afterwards, Volkswagen set out to acquire equity from Scania's small shareholders, aiming to 100% of Scania's merger. In preparation for funding, Volkswagen prepares to sell preferred shares to raise 2 billion euros, issue up to 3 billion euros in mixed stocks, and extract 2 billion euros from the current cash reserve of 16.9 billion euros to raise all the money needed to complete Scania. 6.7 billion euros in funding.
The process took a twist to create the world's largest commercial vehicle manufacturer and challenge the current status of Daimler. Volkswagen has been trying to integrate Mann’s and Scania’s two commercial vehicle subsidiaries for many years. From 2010 to 2013, Volkswagen gradually increased the proportion of the shareholding and voting rights of Scania. This year, when preparing to sprint for 100% of the merger, the public suffered a series of setbacks.
The first was that the offer was too low for Scania. On March 18th after the bidding began, Scania’s board member committee, which is responsible for evaluating the public’s offer, stated that the public’s bid was too low. The commission also called on shareholders to reject the public’s offer of 200 kronor per share. In fact, compared to the closing price of Scania on the 21st of February, the public offer was 36% higher. By March 17, Scania's share price rose to 195.9 kroner on the stock market in Stockholm.
The Swedish Shareholders Association stated that it will evaluate the report of the Scania Commission, and then make recommendations, and emphasize that if the public is willing to complete the transaction, it is expected to re-quote. However, the public said in a statement that it will not change the current 6.7 billion euro offer.
After that, other Scania shareholders still have voices against the public. On April 23, Alecta, a Swedish pension fund company, declared that Volkswagen's quotation for the remaining Scania shares was too low. Alecta held a 2.04% stake in Scania at the end of March this year and ranked third among all shareholders. In addition to the company, Scania minority shareholders such as AMF, Skandia, and AP4 expressed their opinions against the public acquisition.
However, the objections of these shareholders are basically concentrated in the "public quotations are too low." In addition, Swedbank Robur, the fourth-largest shareholder with 1.87% of Scania, initially kept quiet about the acquisition of Scania by the public. After a vague expression of “acceptableâ€, the position was then regarded as the public’s share in Scania’s shareholders. The support factor obtained.