LONDON - Volkswagen said Wednesday that it had extended its offer to take full control of the Swedish truck maker Scania, in hopes of coaxing more of the company’s shareholders to sell.
In February, Volkswagen offered to buy the shares of Scania that it did not already own for 6.7 billion euros, or about $9.3 billion, in an all-cash deal.
The German automaker has declined to increase its price despite Scania’s independent directors concluding that the offer undervalued the company.
Volkswagen, which already controls 62.6 percent of the capital of the Swedish company, is seeking to expand that stake to at least 90 percent to enact so-called squeeze-out provisions, which would allow it to force the remaining shareholders to sell their shares. Volkswagen has been an investor in Scania since 2000 and controls 89.2 percent of the voting rights.
As of Friday, the original deadline, shareholders had agreed to sell enough stock to Volkswagen to give it control of 88.25 percent of Scania’s capital and 95.81 percent of the voting rights, Volkswagen said.
Volkswagen has extended the offer to shareholders until May 16. The offer remains conditional on Volkswagen’s gaining control of more than 90 percent of Scania’s shares. Volkswagen continues to say that it has no intention of increasing the price.
“We are pleased that the broad majority of Scania’s minority shareholders have accepted our very attractive offer,†Hans Dieter Pötsch, Volkswagen’s chief financial officer, said in a statement.
“On this basis, we are confident that during the extended acceptance period we will meet the necessary acceptance level for this transaction,†he added. “This would be a milestone in the process of completing our integrated commercial vehicles group, which will be for the benefit of all parties involved.â€
Volkswagen has offered to pay 200 Swedish kronor, or $30.48, a share for each of its two classes of Scania stock, representing a 53.3 percent premium on its so-called B shares for the 90-day period that ended Feb. 21.
Scania’s B shares were up 2.6 percent, at 196.70 kronor, in trading in Stockholm on Wednesday morning.
Despite Volkswagen’s large ownership stake, Scania remains an independently managed company. Its board of directors includes several members with ties to Volkswagen. That includes the Scania board’s chairman, Martin Winterkorn, who is also the chairman of Volkswagen.
After being asked to evaluate the offer last month, a committee of Scania’s independent directors urged shareholders to reject the deal, saying it didn’t recognize the long-term value of the company.
Several Swedish pension funds also have publicly rejected the transaction.
Volkswagen wants full control so it can combine Scania with its Volkswagen Commercial Vehicles business and the German truck maker MAN, in which Volkswagen gained full control last year after taking a majority stake in 2011.
The automaker has said full integration would eliminate restrictions that have limited its ability to cooperate and engage in joint projects, allowing it to better compete against European rivals like Volvo and Daimler.
