• Volvo is making another bid to become the largest truck manufacturer in Europe in a share-swap merger with Renault.
27th April 2000, Page 6
27th April 2000
Page 6
Page 6, 27th April 2000
— • Volvo is making another bid to become the largest truck manufacturer in Europe in a share-swap merger with Renault.
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Undaunted by the European Commission's refusal to allow it to buy Scania, Volvo plans to swap 15% of its shares with the Renault Group in exchange for all of its Renault VI/Mack shares. The deal does not include Renault's 22.5% holding in Nissan Diesel, but would allow Renault to buy up to 5% more of Volvo on the open market.
The EC's chief reason for refusing the Volvo/Scania deal was that both of the companies are Swedish. If the EC gives the deal the go-ahead the companies could be together before the end of the year.
Volvo and Renault both point to "synergy" savings but stress that their
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