Volkswagen, Europe's biggest carmaker, said on Thursday it had obtained regulatory approvals to take a majority voting stake in Swedish truck maker Scania.
“The majority voting stake is expected to be acquired on July 22,” in a deal that will cost VW around 2.8 billion euros (4.4 billion dollars), a statement said.
The German auto giant said in March that it had won control of Scania, which could eventually lead to its merger with German rival MAN, in which VW is also a leading shareholder.
EU officials had approved the deal on June 13, but VW still needed various national authorities to stamp it as well.
VW will increase its share of voting rights in Scania from 37.98 percent to 68.60 percent, while its shareholding is to rise from 20.89 percent to 37.73 percent, it added.
Chairman Martin Winterkorn was quoted as saying: “We are delighted that Scania will now become the group's ninth strong brand.”
VW would fully consolidate Scania in the second half of the year, the statement said.
