Volkswagen AG’s $9.2 billion bid to buy the rest of heavy-truck maker Scania AB received a boost after Scania’s fourth-largest shareholder backed the deal.
Swedbank Robur, which controls 1.87% of Scania, said April 24 that it would accept VW’s bid of 200 kronor, or about $30, per share.
The backing is welcome news for VW after investors owning 5.8% of Scania’s shares came out against the offer, saying the bid was too low and that Scania would fare better as a separate listed company.
Wolfsburg, Germany-based Volkswagen — which owns about 60% of Scania and controls almost 90% of its voting rights — said earlier this month that it would not raise its bid, which it made in February.
VW plans to pursue the bid only if shareholder acceptance reaches 90%, the threshold needed under Swedish law to force remaining owners to sell their holdings and delist the company.