STOCKHOLM (Reuters) -- Swedish holding company Investor AB will tender its stake in Scania to Volkswagen Group, as the German automaker seeks to take full control of the truckmaker.
VW said on Wednesday it controlled 88.25 percent of Scania's equity and 95.81 percent of the voting rights, once the shares tendered for its share offer were included.
"With our limited trading position and given the wide acceptance among other shareholders, we do not wish to contribute to an unclear ownership structure in Scania," Investor CEO Borje Ekholm said on Wednesday. "Given the new information, Investor will tender its shares."
VW, which has set a 90 percent acceptance threshold for all shares in Scania, said it would extend the acceptance period until May 16 at 16:00 CET. Under Swedish law, if VW reaches 90 percent acceptance it can force out the remaining investors and delist the company.
Volkswagen reiterated that it won’t raise the offer price of 200 kronor ($30.44) a share as part of its 6.7 billion euro ($9.3 billion) bid to take control of the truckmaker.
Scania's full integration into VW is vital for the German company’s effort to forge a heavy-truck alliance between Scania, MAN and its own commercial-vehicles division, capable of competing with industry leaders Daimler and Volvo.
Investor said it held a trading position representing less than 0.4 percent of the total number of Scania shares.
Automotive News Europe contributed to this report