Volvo, Scania ownership chess match continues
STOCKHOLM (May 3) — Investor AB, the largest shareholder in Swedish truck maker Scania AB, increased its voting shares by about 5% — raising its total stake to just over 50%.
Investor has been trying to fend off advances by rival Volvo AB. Volvo bought 13.5% of Scania in January and has said it wants to buy the rest.
Volvo bought shares on the open market last week to boost its voting stake to 14%, 15.5%, and finally 20%.
Both Scania and Investor AB have rejected Volvo’s interest in a takeover.
Investor has been under pressure to find a buyer or forge an alliance for Scania, Europe’s fourth-largest truck maker amid industry consolidation.
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