VW gets approval for Scania deal

VW bought a controlling stake in Scania earlier this year

German carmaker Volkswagen says it has received regulatory approval for its proposed takeover of Swedish truck and bus manufacturer Scania.

VW said that in addition to last month's EU approval, it had also gone through a "large number" of antitrust proceedings in various countries.

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

Volkswagen took sole control of Scania in March this year.

It increased its holding in the Swedish company to 68.6% of the voting rights and 37.73% of the capital rights.

The majority voting stake is expected to be acquired on 22 July in a deal that will cost VW about 2.8bn euros ($4.4bn; £2.2bn).