AP4 declines Volkswagen's bid for Scania

The Fourth Swedish National Pension Fund (AP4) has decided to decline the SEK 200 per share offer for Scania presented by Volkswagen.

The decision should primarily be seen in the light of the unequivocal recommendation from the independent board committee of Scania. The Committee believes that the offer of SEK 200 per share does not reflect the value of Scania for a long-term owner.

AP4 is fully aware that there is a risk that the Scania share price may fall in the short term if the offer is withdrawn by Volkswagen. Our belief is however that the Swedish senior citizens who are the main principals of AP4, in the long term will benefit if Scania remains as an independent listed company.