VW's takeover of Scania cleared

VW bought a controlling stake in Scania earlier this year

The European Commission has cleared German carmaker Volkswagen's proposed takeover of Swedish truck and bus manufacturer Scania.

The commission said the two companies' core businesses did not overlap and the merger would not significantly impede competition in Europe.

VW concentrates on cars under brands such as Audi, Bentley and Skoda, whereas Scania produces heavy trucks.

The EU said VW's minority stake in bus and truck maker MAN was not a concern.

There was only a "marginal" overlap in the production of diesel engines for industrial and marine use, the commission said.

Volkswagen took sole control of Scania in March this year, pending approval, when it increased its holding in the Swedish company to 68.6% of the voting rights and 37.73% of the capital rights.