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April 15, 2010

SWEDEN: Volvo Trucks confident if Renault sells stake

Truckmaker AB Volvo said it would have no trouble relying solely on its Swedish investors if Renault decided to sell its stake in the company, chairman Louis Schweitzer told a Swedish newspaper.

Truckmaker AB Volvo said it would have no trouble relying solely on its Swedish investors if Renault decided to sell its stake in the company, chairman Louis Schweitzer told a Swedish newspaper.

He told the business daily Dagens Industri:”I see the big Swedish institutions as long-term and stable owners who give the company a good shareholding structure.

“Volvo would handle itself well if Renault sold [its stake],” added Schweitzer, who also played down the strength of his links with the French carmaker – he was formerly Renault’s chief executive – saying that the only information he had was from the media.

Renault owns a 20.7% stake in AB Volvo and last week signed a partnership deal with Daimler to share engine technology, reviving media speculation the French carmaker might be looking to offload its stake in Volvo.

Schweitzer said the Renault-Daimler partnership was not a problem for Volvo as it mostly concerned the market for cars, not trucks. He added Renault saw its alliance with Nissan, in which it owns a 44.4% stake, as more vital to its business than the investment in Volvo.

“The holding in Volvo could be sold if Renault encountered serious financial difficulties,” he said.

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