GOTHENBURG, Sweden — Volvo AB has agreed to buy the remainder of Nissan Diesel Motor for a reported US$1.1 billion.
Volvo already owned about 19% of the Nissan Diesel, which has agreed to the takeover according to newswire reports. Volvo offered a 22% premium over Nissan Diesels closing price on the Tokyo Stock Exchange.
Volvo reportedly hopes to gain from Nissan Diesels hybrid technology and experience in the medium-duty market. Nissan has faced declining demand for trucks in Japan.
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