/ Industry, News, Volkswagen / Volkswagen seeks to fully own truck maker Scania

Volkswagen seeks to fully own truck maker Scania

Linked In Share
Volkswagen seeks to fully own truck maker Scania

In its continued struggle to make Europe’s biggest truck maker, VW AG has decided to announce a bid of 6.7 billion euros ($9.21 billion) to buy out the remainder of Swedish trucks division Scania.

Decided to fight Daimler, which is currently the world’s biggest truck maker, Volkswagen has been spending billions of euros over the last decade to expand the company’s control over Scania and MAN.

“We are launching this takeover offer to remove restrictions to a deeper cooperation between Scania and MAN,” said Finance Chief Hans Dieter Poetsch.

VW, which alongside MAN already owns 62.6 % of Scania’s shares and 89.2 % of the votes, said in a statement that it would draw the needed cash from its 16.9 billion euros reserve (2 billion euros), sell preferred shares for up to 2 billion euros and issue hybrid capital of up to another 3 billion euros.

“We are convinced that this strategic transaction will add substantial value to Volkswagen but it needs some time before it meaningfully impacts our finances … But we expect it to be EPS (earnings per share) accretive within a few years,” said Hans Dieter Poetsch, VW’s finance chief.

The German automaker also announced that at the top of its truck unit, former Daimler executive Andreas Renschler would succeed current chief Leif Oestling since February 1, 2015.

Via Reuters

by Aurel Niculescu (my Google+) - Monday, February 24th, 2014 - filed under Industry, News, Volkswagen. Image credit: .
Linked In Share
Related Articles
Renschler Scania truck unit


Discuss: Volkswagen seeks to fully own truck maker Scania

Leave a Reply















Inautonews Facebook PageInautonews RSS FeedInautonews TwitterInautonews Youtube Channel

Sign up to receive our email newsletter on your email. It's safe. No spam!

China: October sales climb just 2.8%
China: October sales climb just 2.8%The Chinese auto industry, the world’s largest market, has shown its first signs of weakness, with sales in October further ...
Land Rover sales slowdown makes for smaller Tata Motors profit
Land Rover sales slowdown makes for smaller Tata Motors profitTata Motors, India’s largest carmaker and the parent company of British automaker Jaguar Land Rover saw its quarterly profit ...
Uruguay’s President refuses $1 million offer for his old VW Beetle
Uruguay’s President refuses $1 million offer for his old VW BeetleThere is one set of wheels that the Middle East's ultra-rich won’t get their hands on – the humble but beloved Volkswagen ...
US: Hertz ready to revise results and lower costs
US: Hertz ready to revise results and lower costsHertz Global Holdings Inc. has come under massive shareholder pressure to seek a permanent top executive and the company ...
Bosch executive forecasts fuel cells to become viable by 2025
Bosch executive forecasts fuel cells to become viable by 2025While electric cars have long been heralded as the future means of transportation for the coming ages, drawbacks have limited ...
Fifth Takata airbag victim was pregnant
Fifth Takata airbag victim was pregnantAccording to Honda, the victim in Malaysia – the fifth reported casualty linked to the Takata airbag scandal – that was ...
Porsche SE still in trouble over failed VW takeover
Porsche SE still in trouble over failed VW takeoverVolkswagen AG now owns the entirety of the luxury sports car manufacturer Porsche, but not long ago the brand’s controlling ...
Raikkonen looking to keep Ferrari seat in 2016
Raikkonen looking to keep Ferrari seat in 2016Nov.17 (GMM/Inautonews.com) Kimi Raikkonen is even looking beyond 2015 as he aims to keep his Ferrari career alive for at least ...
Only ‘a coffin’ will end Ecclestone’s reign
Only ‘a coffin’ will end Ecclestone’s reignNov.17 (GMM/Inautonews.com) Buoyed by the end of his legal troubles, Bernie Ecclestone says he is now determined to never step ...
Wolff eyeing Hamilton contract talks on Monday
Wolff eyeing Hamilton contract talks on MondayNov.17 (GMM/Inautonews.com) Mercedes has scheduled urgent contractual talks with Lewis Hamilton, as the team looks to keep its ...
Alonso visits Ferrari sports car team in Bahrain
Alonso visits Ferrari sports car team in BahrainNov.17 (GMM/Inautonews.com) Fernando Alonso has made what might be his last PR appearance for Ferrari in the lead-in to this ...
Beschir in Caterham link, Sainz to test Red Bull
Beschir in Caterham link, Sainz to test Red BullNov.17 (GMM/Inautonews.com) The list of potential teammates for confirmed Caterham driver Kamui Kobayashi in Abu Dhabi is ...
Chilton to complete Caterham’s Abu Dhabi lineup – report
Chilton to complete Caterham’s Abu Dhabi lineup – reportNov.17 (GMM/Inautonews.com) Max Chilton has emerged as a surprise candidate to race the second Caterham in Abu Dhabi this ...
Kobayashi’s teammate unclear for Caterham return
Kobayashi’s teammate unclear for Caterham returnNov.17 (GMM/Inautonews.com) Caterham's administrators have reappointed Kamui Kobayashi to contest the 2014 finale in Abu Dhabi ...
Test Drive: Mercedes-Benz SL400
Test Drive: Mercedes-Benz SL400 The Mercedes-Benz SL is currently in its sixth generation and since the company has released a new entry-level, the SL400, ...
Read more automotive news


2013 Frankfurt Motor Show Live Images

Mercedes-Benz SL400 01
Mini_5door_DSC9724
Spy-Shots of Cars
ferrari 355 crash switzerland 1
nissan murano production united states 1
2016 Audi A4 Spied
ferrari f430 fire hong kong 1
jaguar f-type crash south africa 1
BMW-X4-M-Performance-Parts1
Rolls-Royce Maharaja Phantom Drophead Coupe 1
2015 audi a1 facelift 1
bmw i8 puerto rico 2

More automotive from inautonews
The Chinese auto industry, the world’s largest market, has shown its first signs of weakness, with sales in October further slowing down to a 2.8% positive result. The country’s auto business showed a decisively sluggish pace last month, with only the US and European automakers managing good ...
read more
Inautonews Editors Section
Test Drive: Mercedes-Benz SL400
Test Drive: Mercedes-Benz SL400 The Mercedes-Benz SL is currently in its sixth generation and since the company has released a new entry-level, the SL400, which is basically the ...
Test Drive: Mini Cooper S 5 Door
Test Drive: Mini Cooper S 5 DoorMini – you know, the iconic city car brand introduced by Sir Alec Issigonis in the UK and revitalized by the world’s largest premium automaker, ...
Test Drive: Mercedes-Benz GLA 220 CDI
Test Drive: Mercedes-Benz GLA 220 CDIThe Mercedes compact family has a new member – the adventurous GLA crossover. That means the lower-end of the luxury automaker’s lineup consists ...

Editors Section
Inautonews Editors Section
2012 Safest Cars list 2011 Safest Cars [Video] 2011 IIHS Safest Cars [Video] 2011 EuroNCAP Safest Cars 2010 Safest Cars [Video]

Latest in Safety Fifth Takata airbag victim was pregnantAccording to Honda, the victim in Malaysia – the fifth reported casualty linked to the Takata ... These are Takata’s airbag recall crisis turning points – so farJapanese safety auto parts producer Takata Corp has been involved in the second big safety scandal ...
Safety Section