Volkswagen is one step closer to gaining full control over Scania

German auto maker Volkswagen is about to take full control over the Swedish truck manufacturer Scania. The deal is about to settle after a small group of shareholder decided it will accept Volkswagen's offer.

Swedish pension fund Alecta has just shy over two percent stake in Scania. Volkswagen Group owns 88,5 percent in shares at Scania and stated a few months ago its goal is to reach the 90 percent marker. The Germans made an initial offer for Alecta, but the group declined to sell its share for 30.5 euros per share requesting a larger amount. However, recent news coming from Sweden show the small group is ready to call a deal and practically hand over to Volkswagen the percentage needed to take full control over the company.

Volkswagen did not boost its initial offering, but extended it to May 16, confident that shareholders will eventually give in. Wolkswagen owns more than 325 million shares in Scania from the total of 400 millions. The second largest owner is MAN SE with less than 70 millions, while the small owners have 400,000 to 1.1 million shares. The ten largest owners in the Swedish truck maker own almost 82 percent of the total capital.

Scania is a major Swedish automotive industry manufacturer. It is most renowned for its heavy duty trucks and commercial buses. It also makes large diesel engines for heavy vehicles for certain industries such as marine or mining. Scania has production facilities outside the country in Brazil, Argentina, Russia, Poland and the Netherlands.