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Giants settle cash row
11th November 2004, Page 9
11th November 2004
Page 9
Page 9, 11th November 2004
— Giants settle cash row
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AUTOMOTIVE GIANTS AB Volvo and Renault have come to a settlement after a disagreement in 2001. over Volvo's acquisition of truck divisions Renault VI/Mack. Renault will now transfer £73.4m to AB Volvo as a result.
According to the acquisition agreement in 2000, AB Volvo received 100% of the shares in Renault's truck subsidiaries, Renault VI and Mack, in exchange for 15% of the shares in AB Volvo. However, since then. AB Volvo and Renault have had ongoing discussions about the value of some of the acquired assets and liabilities of Renault VI and Mack, and about certain warranty claims.
The signed settlement will see Renault transferring the money to AB Volvo, ending the disagreement between the companies,