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Volvo to Buy Nissan Diesel
Posted: Mon Mar 05, 2007 3:06 pm
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Sweden-based truck maker Volvo AB has agreed to buy Japan's Nissan Diesel Motor Co. for $1.1 billion to add production in Asia, Bloomberg News reported last Tuesday.
Nissan Diesel shareholders will receive 540 yen, or about $4.50, per share, 22% higher than last Monday's closing price on the Tokyo Stock Exchange, Bloomberg reported.
Nissan Diesel is Japan's fourth-largest truck maker. Volvo AB, the world's second-largest truck maker, is the parent of U.S. truck makers Volvo Truck North America and Mack Trucks.
Volvo bought a 13% stake in Nissan Diesel from Nissan Motor Co. last March for 1.5 billion Swedish kronor, currently about $215 million, and boosted its stake to 19% in September.
Volvo plans to complete the buyout by the end of March, Bloomberg reported
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