AB Volvo is to acquire Nissan Motor’s remaining 6% stake (equivalent to 18,211,000 shares) in Nissan Diesel Motor, dissolving Nissan’s capital relationship with the medium- and heavy-duty Japanese truck maker.
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This agreement follows Nissan’s divestiture of a 13% stake in Nissan Diesel to the Swedish truck maker in March this year.
Nissan also announced that AB Volvo will acquire all of Nissan’s preferred shares (equivalent to 19,998,000 shares) in Nissan Diesel.
“The divestiture of our shareholding in Nissan Diesel is consistent with Nissan’s stated strategy to focus on the profitable growth of our core passenger vehicle and light commercial vehicle businesses,” said Nissan president and CEO Carlos Ghosn.
“We firmly believe that Volvo is the best partner for Nissan Diesel. During the past four years, Nissan Diesel has seen a turnaround in its business performance to become a valuable company, a fact that has been acknowledged by the management of Volvo through this process,” added Ghosn.
The business partnership between Nissan and Nissan Diesel will not be affected by the divestiture. The two companies will continue to work together in several areas, including contract production and joint development of light commercial vehicles and engines.
Volvo Truck in acquisitive mood
