AP4, the Fourth National Pension Insurance Fund, has decided to hand in its shareholding in Scania (corresponding to about 0.6% of the capital in Scania) in accordance with Volkswagen’s offer. The decision should be viewed in light of the fact that Volkswagen has already passed the 90% limit, at which compulsory purchase can be requested.
“It is unfortunate that more owners were not able to back the independent committee in Scania’s board of directors that so unequivocally recommended that the owners decline Volkswagen’s offer. But instead of facing an extended compulsory purchase process, we have decided to hand in our shares,” says Mats Andersson, CEO of AP4 in commenting the decision.
“We are still of the opinion that the offer does not reflect Scania’s long-term value, and that Scania would have developed best as an independent and listed company,” continues Andersson.