Nissan sells diesel unit to Volvo; Scania holders tell MAN to drop takeover
TOKYO — Nissan Motors is completely out of the truck-making business. This week the company announced it was dissolving its capital tie-up with Nissan Diesel by selling its remaining 6 percent stake to shareholder Volvo.
Nissan, which produced trucks mainly for the Asian market and a small sliver of North American class 5 and 6 market share, says the move will it focus on its core passenger vehicle business.
Volvo’s stake in the Japanese truckmaker is now 19 percent and strengthens the Swedish vehicle manufacturer’s attempts to increase its presence in the lucrative Asian truck market, where demand for commercial vehicles is growing faster than in Europe.
Meanwhile, in other Euro truck news, MAN announced it plans to make a “more attractive” offer for Scania. Last week MAN’s initial takeover bid of $12.3 billion was rejected.
Scania’s largest shareholder, Volkswagen AG, suggested Germany’s MAN should drop its takeover ambitions of Scania.
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