Volvo AB, the world’s second-largest truck maker, said on Wednesday it is unsure it will be able to divest its 45.5% holding in Scania AB by the April deadline ordered by the European Union, Associated Press (AP) reported.
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AP said that Volvo accumulated its interest in the rival Swedish truck maker in an attempted takeover that was blocked by EU antitrust authorities in 2000. It was already granted a two-year extension to divest its stake, but has asked for another amid worries that it could be forced to accept a discounted price, the report added.
“We don’t know whether we’ll met the deadline,” Volvo’s communications director, Per Loejdqvist, reportedly said at an environmental awards ceremony arranged by Volvo.
According to Associated Press, Scania has said it wants the original deadline upheld, claiming Volvo’s uncertainty is hurting its own business.
