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Old 02-19-2007, 08:37 PM   #1
NYCshopper
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Default Volvo Agrees to Buy Nissan Diesel for $1.1 Billion

Volvo Agrees to Buy Nissan Diesel for $1.1 Billion

http://www.bloomberg.com/apps/news?p...d=aYMRQKwZToqI

Quote:
Feb. 20 (Bloomberg) -- Volvo AB, Europe's second-largest truckmaker, agreed to buy Japanese truck manufacturer Nissan Diesel Motor Co. for 7.5 billion kronor ($1.1 billion).

Volvo is offering 540 yen a share for Nissan Diesel, the Gothenburg, Sweden-based company said in a statement today. That's a 22 percent premium on Nissan Diesel's closing price of 443 yen on the Tokyo Stock Exchange yesterday.

Volvo and other truckmakers are spending billions of dollars to develop vehicles with lower emissions. Volvo hopes to gain from Nissan Diesel's hybrid technology and experience in making medium-heavy trucks, the company said in a release. Nissan Diesel, based in Saitama prefecture near Tokyo, is facing declining demand for trucks in Japan.

``Volvo can make use of Nissan Diesel's technology more quickly, once it buys all the shares in the Japanese company,'' said Koichi Ogawa, who helps oversee $28 billion at Daiwa SB Investments Ltd. in Tokyo.

Volvo already owns about 19 percent of Nissan Diesel. Nissan Diesel agreed to Volvo's takeover offer, it said in a release.

The two companies will hold a press conference at 3 p.m. in Tokyo. Nissan Diesel declined to comment on Volvo's offer until the briefing.

Shares of Nissan Diesel were bid higher at 458 yen, up 3.4 percent from yesterday's closing price of 443 yen, as of 9:14 a.m. on the Tokyo Stock Exchange.
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