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TRUCKMAKERS NEWS * WORLDWIDE - Investigation about VW's own shares of SCANIA
* Sweden - Swedish shareholders concerned about Volkswagen's Scania cost cuts
Stockholm,Sweden -The WSJ, by Niclas Rolander -August 14, 2013: -- Volkswagen AG is facing more criticism related to its controlling stake in truck maker Scania AB, as a group representing Swedish private investors asks for an investigation into how the German auto maker will squeeze synergies from its stable of commercial vehicle assets without diminishing Scania's value... The Swedish Shareholders Association on Wednesday raised concerns about Volkswagen's plan to cut about 200 million euros ($265 million) in annual costs by combining some Scania operations with German truck maker MAN SE and its own commercial vehicle division. Volkswagen owns about 60% of Scania's shares and formally took control of MAN in July... According to Swedish law, Mr. Rosen's association needs to gain support from 10% of shareholders for an investigation. It is lobbying Scania's institutional minority stakeholders to sign up. Mr. Rosen said he is confident he will get the support needed, which would lead to an extraordinary general meeting for Scania being called in to assign an investigator... Scania spokesman Hans Ake Danielsson said the company can't comment on ownership, but "everything that Scania does is intended to be beneficial to all Scania shareholders. Obviously, we will not do anything that doesn't benefit all shareholders " ... A Volkswagen spokesman couldn't immediately comment on the complaint...Labels: truckmakers news worldwide
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