Economy

VW in $9.2 billion offer for truck maker Scania

BERLIN (AP) — Volkswagen is offering 6.7 billion euros ($9.2 billion) to take over the rest of Swedish truck maker Scania.

Europe's biggest auto manufacturer says it wants to purchase the 37.4 percent of Scania it doesn't already own. Volkswagen says its offer of 200 Swedish krona per share represents a premium of more than 50 percent.

Wolfsburg-based VW estimates that a takeover will result in cost savings of 650 million euros a year. VW published the offer Friday as it announced that its annual net profit fell 58.2 percent last year to 9.07 billion euros due to the integration of Porsche.

Related Headlines

  • Daimler launches new version of tiny Smart car

    Germany's Daimler AG unveiled a new version of its tiny, two-seat Smart model Wednesday in hopes the car won't just get admiring glances with its unusual design — but make a ... 

  • VW to complete purchase of Scania

    German automaker Volkswagen AG has enough shares to take complete ownership of Swedish truck-maker Scania and move ahead with integrating its commercial vehicle business. 

  • Correction: Volkswagen earnings story

    In a March 13 story about Volkswagen's earnings, The Associated Press reported erroneously that the 9.1 billion-euro net profit figure was attributable to Porsche. The figure ... 

  • Karl Albrecht

    German supermarket tycoon Albrecht dead at 94

    Karl Albrecht, co-founder of the Aldi grocery store empire and one of the world's richest people, has died in the western German city of Essen. He was 94. Essen's city hall ...