Volkswagen to buy controlling stake in Scania
WOLFSBURG, Germany (April 3, 2000) — Volkswagen AG will pay $1.6 billion for 34% of Swedish truck and bus producer Scania AB, becoming its controlling owner.
Volvo, whose takeover of Scania was rejected by a European Union competition committee, owns 45.5% of Scania shares, but only 30.9% of voting shares. Volkswagen currently builds heavy trucks in Latin America. Last year, it produced nearly 9000 heavy vehicles.
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