VW in $9.2 billion offer for truck maker Scania

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Associated Press

Posted on February 21, 2014 at 4:04 PM

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.

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