Volvo sells Scania shares
STOCKHOLM, Sweden, (March 5, 2004) — AB Volvo announced today it had reduced its stake in rival truck maker Scania by more than two-thirds in order to comply with European Union antitrust rules.
Volvo said it sold its 64 million Class B Scania shares to Deutsche Bank for 15 billion kronor ($2 billion), but still holds its 27 million Class A shares, which carry more voting rights.
The sale reduced Volvo’s stake in Scania to 14 per cent from 46 per cent. Volvo’s voting rights in the company dropped to 25 per cent from 31 per cent.
The sale of Scania shares was a condition posed by the EU’s competition authority when Volvo bought Renault Trucks in 2001.
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