Scania opposes delay in Volvo stake sale
STOCKHOLM, Sweden (July 2, 2003) — Scania AB has approached the European Union Commission in a bid to prevent rival truck maker Volvo AB from being given more time to sell its controlling stake in Scania.
Volvo accumulated its interest in Scania in an attempted takeover that was blocked by European antitrust authorities in 2000. The EU commission had given Volvo until April 2004 to sell its 45.5 per cent stake in the company.
While Volvo hasn’t filed a formal petition, there have been published reports that Volvo wants to extend the deadline because of worries it would be forced to sell at a fire sale price. In response, Scania approached the commission to uphold the existing deadline, arguing the uncertainty is hurting its business.
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