EU approves VWs takeover of Scania

The European Commission has cleared German car maker Volkswagen?s proposed takeover of Scandinavian commercial vehicles maker Scania, in which VW bought a majority stake in March.

Volkswagen took sole control of Scania in March this year, pending regulatory approval from the European Competition Commission, when it raised its stake to 68.6% of the voting rights and 37.73% of the capital rights when it bought the entire stakes of Investor AB and the Wallenberg Foundation. The commission said that the transaction would not significantly impede effective competition in the EU.

Scania develops, manufactures, markets and sells trucks with a gross vehicle weight of more than 16 tonnes for long-haulage, construction haulage and distribution of goods. Scania also manufactures and sells buses and chassis for buses and industrial and marine diesel engines and is mainly active in Europe.