Volvo drops Scania bid
25th February 1999, Page 5
25th February 1999
Page 5
Page 5, 25th February 1999
— Volvo drops Scania bid
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II Volvo has abandoned its takeover negotiations with Scania's owners Investor, citing a failure to agree on the valuation of the Scania business".
But a Volvo spokesman says the company, which last month acquired 13% of Scania, Will not sell its current stake and does not rule out relaunching negotiations. It will also continue to look at 'the consolidation of the commercial vehicle industry".
Volvo has recently made approaches to US company Navistar.
A spokesman for Sonia says the company continues to be "well positioned to be an individual company", but is dependent on Investor's decision to sell or not.