Bloomberg
Stockholm
Skandia Fonder has placed its Volkswagen stake under observation and signalled it might be open to investing separately in Swedish truckmaker Scania, should the emissions scandal trigger a sale of the unit.
“We have VW under observation and continuously evaluate our possibilities to act as an owner to secure responsible operations going forward,” Jonas Collet, a spokesman for Skandia, said in an e-mailed response to questions on October 2. Skandia Fonder held 18.7mn kronor ($2.2mn) in VW shares as of September 23, he said.
It is “serious when a company fails in the way that VW has done,” Collet said.
The investor community in Sweden, which itself is home to a substantial automotive industry led by truckmaker Volvo, has been swift to criticise VW since the emissions scandal broke.
There have also been questions raised about the wisdom of letting VW buy all of Scania just over a year ago. The German vehicle manufacturer managed to push through a less-than-smooth takeover in June 2014, and is now the Swedish truckmaker’s sole owner.
Should the emissions scandal open up the possibility to invest in Scania, Skandia may decide to do so, Collet said.
“It’s part of our ongoing management to consider various business opportunities,” he said.
Back in 2014, Skandia was one of a group of minority shareholders that unsuccessfully tried to block VW’s offer, arguing the bid was too low and that Scania would fare better as a separate listed company.
Meanwhile, the list of Swedish investors putting VW on ice is growing. Sweden’s national pension funds are reconsidering their VW holdings after it became clear the carmaker had used software to cheat on emissions tests. Nordea Asset Management has put VW on a blacklist for six months.
The unit, part of Scandinavia’s largest bank, said it will keep the securities it has to give it access to any class-action lawsuit that might emerge.
The government in Stockholm has held a meeting with VW’s local unit and the Swedish Transport Agency to discuss the crisis, while the anti-corruption department at Sweden’s Prosecution Authority is evaluating whether to start a probe into VW.
The German carmaker has said that 224,746 vehicles in Sweden are affected by the emissions scandal and will be recalled to have their diesel engines fixed.
