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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Volkswagen AG | TG:VOW | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.60 | 1.20% | 135.00 | 134.60 | 135.40 | 135.80 | 133.50 | 133.80 | 7,412 | 22:50:02 |
By Christina Zander
STOCKHOLM--Scania AB (SCV-A.SK) shareholder AFA Försäkring said Wednesday it will reject Volkswagen AG's (VOW.XE) offer to buy out remaining shares in the Swedish truck maker.
AFA Försäkring owns 0.4% of Scania's capital and by rejecting Volkswagen's bid to acquire full control of the company it joins a handful of other Swedish institutional investors like Alecta, Skandia, AMF and Fjärde AP-fonden. Together they control 4.8% of Scania's capital.
Volkswagen, which already owns 62.6% of Scania, offered in February to buy out remaining shareholders for 200 Swedish kronor ($30.78) per share. The bid is valued above $9 billion and would take full control of Scania. It is part of Volkswagen's broader plan to integrate its commercial vehicle operations, which include Scania, MAN and Volkswagen trucks.
Volkswagen said Scania shareholders will have until April 25 to accept the offer and if the German car maker fails to obtain 90% of Scania's capital it could withdraw the offer.
"We have taken into account both the recommendation of the independent committee and made our own analysis," said Rolf Eriksson, spokesperson at AFA Försäkring.
In contrast U.S.-based GAMCO Asset Management said Tuesday it would accept the offer. GAMCO holds nearly 1 million A shares, or a 4.8% stake, and 0.2% of the B shares.
Volkswagen represents 89% of Scania's voting rights. Some analysts have suggested that Volkswagen, offering a 36% premium, was actually bidding too high for full control of Scania.
In March, however, an independent committee comprising some Scania board members said the offer didn't reflect the long-term value of the company based on its growth prospects, technological ability and the potential synergies from the deal. That recommendation sent a negative message to those watching the negotiations, but Volkswagen rejected the recommendation and said it wouldn't raise its offer.
At 0224 GMT shares in Scania traded down 5.2% at SEK173.50.
Write to Christina Zander at christina.zander@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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