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SCANIA

Profits at truckmaker Scania beat expectations

Swedish truckmaker Scania announced a return to profit and a slightly improved outlook on Monday with better-than-expected third quarter results due to the effects of cost cutting measures.

Published: 26 October 2009 10:27 CET

Scania said it had its net profits for the three months ending in September amounted to 278 million kronor ($27.3 million), down 85 percent from a year earlier but well above analyst forecasts for 17 million kronor as compiled by Dow Jones Newswires.

According to previously published figures, Scania lost 150 million kronor in the three months to June when sales fell 40 percent from a year earlier to 14.43 billion kronor.

“The European truck market is characterized by low economic activity but in Scania’s judgement the downturn in western European demand has now levelled off,” the company said in a statement.

“In Latin America, demand remains relatively good. In Asia, a certain recovery is under way,” it added.

Third quarter deliveries fell 44 percent from a year earlier to 9,023 vehicles, it said.

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SCANIA

Volkswagen gets shares to take over Scania

Volkswagen, Europe's biggest carmaker, was set to take full control of Swedish truck manufacturer Scania on Tuesday after a small but crucial shareholder agreed to sell its shares.

Published: 13 May 2014 12:20 CEST
Volkswagen gets shares to take over Scania
 
Swedish pension fund Alecta previously held out for a higher share price but agreed to sell its 2.04-percent stake in Scania, paving the way for Volkswagen to acquire full control the company.
   
On April 30, the German car giant said it lacked less than two percent more shares to reach its 90 percent goal, and thereby force the sale of the remaining shares.
   
"After new discussions with Volkswagen we have concluded that there will be no increase in their offer," Alecta said in a statement, referring to Volkswagen's refusal to pay more than 200 kronor ($30.5) per share.
   
In February, Volkswagen offered €6.7 billion ($9.3 billion) to acquire the nearly 40 percent of Scania it did not already own and to strengthen its position against its German competitors Daimler and the Swedish truck maker Volvo.
   
Scania's board of directors recommended shareholders not to part with shares at the price offered.
   
The offer expired on April 25th. However, confident that shareholders could be won over, Volkswagen extended its offer to May 16.
   
The German auto giant already owns truck and bus-maker MAN and bought into Scania in 2000.
   
It had previously said that it could make annual savings of €650 million through economies of scale by taking full control of the Swedish company.
   
The takeover is just the latest to hit Sweden's beleaguered vehicle manufacturing sector which has seen Chinese takeovers of the once iconic car brands Saab and Volvo.
   
Volvo Trucks announced more than 4,000 job cuts over the last six months and a voluntary redundancy scheme aimed to cut costs and increase profitability.
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