Porsche announces mandatory offer for Scania

    Following increase to above 50 percent in Volkswagen

    STUTTGART, Jan. 19 /CNW/ - Porsche Automobil Holding SE, Stuttgart, today
announced its mandatory offer in Sweden for Scania AB, Sodertalje, Sweden. The
acceptance period for the offer to the outstanding Scania shareholders for the
acquisition of their shares is thus expected to run from 21 January 2009 until
10 February 2009. However, Porsche has no strategic interest in acquiring
Scania shares and is therefore offering only the minimum prices required by
law, namely 68.52 kronor per A share and 67.10 kronor per B share of the truck
manufacturer. The transfer of title to the Scania shares tendered pursuant to
the mandatory offer, the so-called settlement, is envisaged to take place on
20 February 2009 and is being fully financed from Porsche's existing
liquidity. The total value of the Scania shares to which the mandatory offer
relates amounts to approximately 31.6 billion kronor (approximately EUR 2.8
    The offer price for both series of shares is calculated on the basis of
the volume-weighted average stock exchange price of the relevant share during
the 20 trading days up to and including 2 January 2009, the last trading day
before the acquisition of indirect control of Scania.
    On 5 January 2009, Porsche had announced that it had on that day
increased its interest in Volkswagen AG, Wolfsburg, to 50.76 percent of the
ordinary voting shares in Volkswagen and thus held more than 50 percent of all
voting rights in Volkswagen. As a result of this increase and the fact that
Volkswagen's interest in Scania exceeds the statutory threshold of 30 percent
of all voting rights, Porsche acquired indirect control of Scania according to
Swedish takeover law. The Stuttgart-based company was therefore obliged to
announce a mandatory offer for those Scania shares that are not under its
direct or indirect control.
    In light of this, the mandatory offer extends to all Scania shares which
are not held by Volkswagen or any other company directly or indirectly
controlled by Porsche. The Scania shares are listed on the NASDAQ OMX
Stockholm in the segment "Nordic List, Large Cap".

For further information:

For further information: Laurance Yap, (905) 219-2195,
laurance.yap@porsche.ca; Frank Gaube - +49 711-911-25567,

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