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Volkswagen to raise up to 2 billion euro to fund complete Scania takeover
June 3, 2014 / 4:07 PM / in 4 years

Volkswagen to raise up to 2 billion euro to fund complete Scania takeover

FRANKFURT (Reuters) - Volkswagen aims to raise up to 2 billion euros ($2.72 billion) by issuing new preference shares in an accelerated book building placement to institutional investors, it said on Tuesday.

The issue will help pay for VW’s 6.7 billion euro takeover offer to shareholders of Swedish truckmaker Scania, VW said in a statement.

The new shares will carry dividend rights from Jan. 1, 2014, VW said, adding that a consortium consisting of Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs and JP Morgan would underwrite the issue and place it with German and foreign institutional investors.

Reporting by Jonathan Gould

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