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Scania shareholders say no to Volkswagen offer

Photo: Nick Näslund/Sveriges Radio.

Two shareholders in Swedish truck-company Scania say no to the German company Volkswagen's bid to buy the remaining shares and take the Swedish company off the stock market, newspaper Dagens Nyheter reports.

Both the insurance company Skandia and the pension fund Fjärde Ap-fonden have said to the newspaper that they won't sell their shares in Scania to Volkswagen.

"It's not wise to sell Scania at this point. I believe that it's important for the company to be on the stock market to reach it's full potential. I also think that Volkswagen could benefit from running the company together with Swedish institutions as it would lower the financial risk," Caroline af Ugglas, Managing Director at Skandia, says to the newspaper.

The bid is controversial as some Swedish owners worry that Volkswagen's increased ownership would disfavour Scania and people who have stock in the company. The Swedish Shareholders' Association however has welcomed the deal.

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