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AB Volvo sells its Scania B shares

AB Volvo has sold all its B shares in Scania AB to Deutsche Bank for placement in a marketed offering. As a result of the transaction, Volvo receives about SEK 15 billion.
Volvo’s holding of B shares in Scania AB totaled 63.7 million shares, corresponding to about 5.8% of the votes and 31.8% of the capital. The transaction was carried out as part of Volvo’s commitment to the EU Commission to divest its Scania shares not later than April 23 this year. After the sale, AB Volvo owns about 27.3 million A shares in Scania AB, corresponding to about 24.8% of the votes and 13.7% of the capital. AB Volvo has undertaken not to divest the remaining A shares in Scania AB in such a manner that would, directly or indirectly, involve public market transactions within a period of 90 days.

Based on yesterday’s closing price for Scania’s A shares on Stockholmsbörsen (the Stockholm Stock Exchange), the total value of Volvo’s A shares in Scania AB would amount to SEK 6,2 billion. Combined with the approximately SEK 15 billion in proceeds from the sale of Volvo’s B shares in Scania, the total value of Volvo’s Scania shares is SEK 21,2 billion compared with the most recently reported book value for the item of SEK 24 billion.

March 5, 2004

For further information, please contact:
Media Relations:  Mårten Wikforss, +46 66 11 27 or +46 705 59 11 49
Investor Relations: Fredrik Brunell, +46 31 66 11 91 or +46 705 59 10 91

 

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