VW Gains Final Approval for Scania Deal

Volkswagen AG said Thursday it has received final approval to gain a majority stake in Swedish truck maker Scania AB, which it plans to do next week, the Associated Press reported.

VW said it expects to increase its stake in Scania, in a deal worth $4.4 billion, on Tuesday, AP reported.

Volkswagen agreed in March to buy the Scania stakes held by Investor AB and the Wallenberg foundations. The deal will boost VW’s voting rights to 68.6%, from 37.98%, AP reported.

VW said in a statement that in addition to last month’s antitrust approval by the European Commission, it had to go through a large of antitrust proceedings in other countries to seal the deal, AP reported.

Volkswagen said that it will fully consolidate Scania in the second half of the year, AP reported.