Volkswagen could be looking to fully take over Scania
Volkswagen, the German auto giant, is rumoured to be looking at acquiring the remaining shares in the Swedish truck manufacturer, Scania, according to Dagens Industri.
The Swedish business daily reported that Scania saw its share price rise by 5.2% on Friday and an unnamed source commented that takeover speculation in Germany could be the reason. The paper reported that the share price increase also occurred in conjunction to Scania’s Managing Director Martin Lundstedt, and CFO Jan Ytterberg acquiring shares but the item reasoned that these buys were hardly reason enough for such a significant boost in the share price.
The paper reported that Volkswagen is reportedly unhappy with the recent negative reports regarding Volkswagen and Scania including news about Volkswagen cutting Scania’s dividends to the detriment of Scania’s minority shareholders as well reports that Scania’s ally and ex-managing director, Leif Ostling, could soon depart Volkswagen.
The paper noted in a separate report that ex-Daimler employee Andreas Renschler is seen as the candidate to take over Ostling’s role as manager for Volkswagen’s commercial vehicle operations. The paper wrote that it is rumoured Renschler wants Volkswagen to take full ownership of Scania before he starts which would make the planned integration of Scania and Volkswagen-owned truck-maker, MAN, a lot easier.
Source Dagens Industri