Scania: Skandia Fonder accepts Volkswagen's offer
Skandia Fonder, the Swedish fund manager, has accepted Volkswagen’s offer for the Swedish truck manufacturer, Scania, Dagens Industri reported.
The Swedish business daily reported Skandia Fonder, which owns 0.3% of the shares in Scania, accepted the offer on Friday before Volkswagen’s offer period expired despite the fact that Skandia Liv had already rejected it.
The item cited Skandia Fonder’s Managing Director, Annelie Enquist, who said Skandia Liv has a long term strategy, while the Skandia Fonder’s fund is more focused on short term liquidity. She added that approving the offer still adheres to the recommendation from Scania’s independent committee which said that Volkswagen’s offer is reasonable in short term but does not reflect the truck maker’s value in the long term.
The item noted that the result of Volkswagen’s offer for Scania is expected to be announced on 28 April, Monday, at the earliest.
Source Dagens Industri