Volkswagen AG extended the offer period for its $9.2 billion bid to buy out Swedish truck maker Scania AB after failing to reach the necessary 90% threshold of approvals.
Wolfsburg, Germany-based Volkswagen, which already controls almost two-thirds of Scania’s equity, received acceptances giving it 88.25% of the company.
That’s short of the 90% needed under Swedish law to force out remaining investors and delist Scania. Volkswagen reiterated it won’t boost its offer of about $30 per share.
VW said it did not buy stock or other financial instruments in Scania during the offer term, which expired April 25. Investors now have until May 16 to tender their stock.
“We are confident” the new deadline will result in “the necessary acceptance level for this transaction,” Volkswagen CFO Hans Dieter Poetsch said.
Volkswagen is pushing the deal to advance cooperation between Scania and Munich-based MAN SE, which VW also controls.
Scania’s integration is vital to the VW’s effort to forge a global heavy-vehicle business that can compete with leaders Daimler AG and Volvo AB.