Volvo acquires additional shares in Scania

VOLVO ACQUIRES ADDITIONAL SHARES IN SCANIA Volvo today acquired a total additional 4,839,200 A shares and 4,951,670 B shares in Scania. The shares have been acquired at a price of SEK 240 per share. Volvo also acquired 4,089,600 call options carrying the right to acquire 817,920 B shares in Scania prior to June 4, 1999 at the latest. The call options have been acquired at a price of SEK 12 per option. The acquisitions correspond to 4.92 percent of Scania's share capital and 5.3 percent of the company's voting rights. Accordingly, since January this year, Volvo has acquired a total of 19,840,700 A shares, 22,048,010 B shares in Scania. Combined, this represents 20.04 percent of the votes and 20.94 percent of the share capital in Scania, including exercised call options. The average acquisition value for the entire holding amounts to about SEK 214 per share. Since Volvo owns more than 20 percent of the votes, Scania will be accounted for as an associated company to Volvo. This means that Volvo's share in Scania's earnings will be included in Volvo's income statement. April 30, 1999 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/04/30/19990430BIT00300/bit0001.doc http://www.bit.se/bitonline/1999/04/30/19990430BIT00300/bit0002.pdf