Porsche Completes Offer For Scania

German automaker said Friday it acquired 7.9 percent of Swedish truck maker's shares in an offer it was obliged to make by law.

FRANKFURT (AP) -- German automaker Porsche SE said Friday it acquired 7.9 percent of Swedish truck maker Scania AB's shares in an offer it was obliged to make by law.

Porsche Automobil Holding SE's offer last month was required by Swedish law after the Stuttgart-based company increased its holding in Volkswagen AG to 51 percent. That gave it indirect control of Scania because Volkswagen controls 41 percent of the capital in the Sodertalje-based truck maker and most of the voting rights.

The law doesn't require Porsche to take a majority stake of Scania's capital, but simply to make an offer to shareholders.

Porsche made clear it was only going through the motions and had no "strategic interest" in Scania.

The German company offered 68.52 kronor in cash for each A share, which carry more voting rights, and 67.10 kronor for each B share.

Earlier this month, Scania's board of directors unanimously recommended that shareholders reject the mandatory offer.

Porsche will pay euro395 million ($510 million) for 7.9 percent of Scania's shares. That gives it another 2.3 percent of the voting rights of the company on top of the 68.6 percent it already controls.

Porsche added that it expects the deal to be done by Feb. 20 and that it intends to sell off the shares on the open market.

Shares of Porsche were 2 percent higher at euro43.51, while Volkswagen was up 1 percent at euro253.14 in Frankfurt. In Stockholm, Scania shares were 12 percent higher to 72 kronor.

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