April 16, 2014 8:40 AM, EDT

Swedish Shareholders Group Recommends VW Bid for Scania

Casper Hedberg/Bloomberg News

A Swedish shareholders group recommended that its members accept Volkswagen AG’s $9.2 billion bid to buy out Swedish truck maker Scania AB, Reuters reported April 16.

Aktiespararna, which represents mostly smaller investors, said the vote was “the least bad of the two alternatives,” Reuters reported.

The move follows recommendations against the buyout from two Swedish pension groups that hold about 2% of Scania.

VW, which owns about 60% of Scania and controls almost 90% of its voting rights, said in February it planned to buy out the truck maker’s remaining minority shareholders.