Volkswagan May Acquire Scania, Says European Commission
2008-06-23 Source：english.chinabuses.com
The European Commission has ruled that the proposed acquisition of Scania by Volkswagen Group may proceed. After examining the global operations of both firms, the anti-trust watchdog concluded that the transaction would not significantly influence effective competition in the European Economic Area (EEA) or any substantial part of it.
Besides owning Scania VW has a heavy-trucks and bus division which operates only in Brazil; further the German OEM holds a minority shareholding in MAN Nutzfahrzeuge, which itself has a 17% holding in Scania. The Commission's examination of the proposed transaction showed that the parties' activities do not overlap as far as their core businesses are concerned. Volkswagen is mainly a manufacturer of passenger cars and light commercial vehicles and Scania is of course not active in this market sector. As regards Volkswagen's non-controlling tranche of MAN shares, the Commission decided that this would "not have adverse effects on competition". Volkswagen Group announced its intention to buy control of Scania in March from Sweden's Wallenberg family for SEK 26.94bn (US$4.37bn), stating at the same time that it expected the deal to close in mid 2008.
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