A Swedish pension fund that holds a small amount of Sweden-based Scania has declined Volkswagen’s $9.2 billion offer to buy out the rest of the truck maker.
The Fourth Swedish National Pension Fund, which is known as AP4 and is a government agency, owns about 0.6% of Scania, the Wall Street Journal reported.
Swedish pension fund AMF, which owns 0.83% of Scania, also previously rejected VW’s offer, saying the deal did not reflect long-term value, the Journal reported.
“AP4 is fully aware that there is a risk that the Scania share price may fall in the short term if the offer is withdrawn by Volkswagen,” the group said in a statement, adding that its principals will “benefit if Scania remains as an independent listed company.”
Germany’s Volkswagen, which owns 62.6% of the equity in Scania and 89.2% of its voting rights, bid in February to buy the remainder of the company.