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VW makes $9.2 billion bid to take over shares in Swedish truck maker Scania it doesn't own
Reported by: Associated Press
Reported: Friday, February 21, 2014 5:28 PM EST
Volkswagen is offering 6.7 billion euros to take over the rest of Swedish truck maker Scania.
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.