BERLIN: Volkswagen AG is edging closer toward taking full control of its Swedish truck division Scania after its buyout offer won broad support from shareholders and fell just short of an acceptance threshold.
The German group said on Wednesday it controlled 88.25 percent of Scania's equity and 95.81 percent of the voting rights, once the shares tendered for VW's 200 Swedish crowns ($30.48) per share offer were included.
VW, which has set a 90 percent acceptance threshold for all shares in Scania, said it would extend the acceptance period until May 16 at 1500 GMT.
The period initially ended April 25.
Scania's full integration into VW is vital for the German carmaker's effort to forge a heavy-truck alliance between Scania, MAN SE and its own commercial-vehicles division, that would be capable of competing with industry leaders Daimler AG and Volvo AB.
"We're confident that during the extended acceptance period we will meet the necessary acceptance level for this transaction," VW said in a statement.
Europe's biggest automotive group is struggling to replicate its effective multi-brand management of passenger-car marques - such as luxury flagship Audi and sports-car maker Porsche - in its truck operations, which is important for the goal of becoming world market leader.
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