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STOCKHOLM (AP) - Truckmaker AB Volvo offered to buy Japan's Nissan Diesel for 7.5 billion kronor ($1.1 billion) in a deal to boost its presence in Asia and prepare for tougher emissions standards.
Tuesday's bid by the world's second-largest truck maker was the latest consolidation attempt in the industry, where Germany's MAN AG recently tried but failed to buy Swedish company Scania AB.
Volvo's offer, which needs regulatory approval, will give it full ownership of Nissan Diesel from the current 19 percent. It highlights Volvo's ambitions in Asia, where the company has lacked a local brand while owning Mack Trucks in the U.S. and Renault Trucks in Europe.
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