Volkswagen Gets EU Approval to Buy Scania

Volkswagen AG has gained antitrust approval from European regulators to buy a controlling stake in Swedish truck and bus maker Scania AB, Bloomberg reported Friday.

Wolfsburg, Germany-based VW, Europe’s largest automaker, got the permission from the 27-nation European Union’s antitrust regulator, which said it approved the deal, Bloomberg said.

VW is buying the Wallenberg family’s stake for about $4.4 billion, Bloomberg reported.

The purchase may clear the way for the creation of a European market leader through a takeover of MAN AG, which made a failed 10.3 $15.8 billion bid for Scania in September 2006, Bloomberg said.

VW, which was already the largest shareholder in Scania, turned down the offer, and bought a 29.9% stake in MAN. The commission said VW’s minority stake in Munich-based MAN would not have adverse effects on competition,” Bloomberg reported.