Volkswagen AG ruled out raising its $9.2 billion bid to buy out Swedish truck maker Scania AB after some minority stakeholders rejected the deal as being too low.
“Volkswagen is confident that the offer is compelling to Scania shareholders,” Wolfsburg, Germany-based VW said in a statement. “Volkswagen therefore declares that it will not increase the consideration in the offer.”
The German car and truck maker, which controls 62.6% of Scania’s capital, is bidding for the rest to push forward cooperation between the Swedish company and MAN SE, the German truck maker that VW also controls.
The offer is 36% higher than Scania’s closing price on Feb. 21, when VW announced its plan. So far, minority investors representing about 2.3% of Scania’s capital have publicly rejected the offer.
Volkswagen has said it will only pursue the bid if it can secure 90% of Scania, the threshold needed under Swedish law to force remaining owners to sell their holdings and delist the company.