Germany's Volkswagen is close to buying Britain's van-maker LDV, writes the UK`s Independent (2/10/00).

The newspaper says that the auto-maker is in advance negotiations to buy out the stakes currently held by both venture capitalists 3i and Korean car manufacturer Daewoo. This would give VW the majority share in Birmingham-based LDV.

According to the Independent, the deal would give LDV access to European distribution networks. This would allow the company to maximise sales of its new van, set to go into production next year following an investment totalling £180 million.