Volvo/Scania deal nixed by EU

ROME, Italy – The European Union has effectively halted any hopes Volvo had of merging with its Swedish rival, Scania.

Last month, the European Commission rejected the proposed US $6.9-billion deal, claiming the merger would be anti-competitive.

Published reports in Europe, however, indicate that Fiat – which recently announced an alliance with General Motors – is eyeing the Swedish truck makers. According to a report, the Italian automaker and its truck unit Iveco would most likely bid solely for Scania.

GM and Fiat SpA announced a US $2.4-billion alliance aimed at cutting costs by sharing parts and people. n

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