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NORWAY BUYS IN
26th May 1978, Page 5
26th May 1978
Page 5
Page 5, 26th May 1978
— NORWAY BUYS IN
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THE NORWEGIAN government is taking a 40 per cent share in AB Volvo from January 1 next year. A new company — the largest Nordic industrial co-operation so far — will be called Volvo (Svenskt-Norskt AB). The Norwegian share will be worth £89 million.
Some divisions of Volvo will be moved from Sweden to Norway, and the company will gain access to car group finance and oil prospecting rights.
The car and lorry business and marine engine maker Volvo Penta will be owned 60-40 by the Swedish and Norwegian interests.
This move follows the collapse of merger negotiations last year with Saab-Scania.