Volvo, Renault settle disagreement over Mack deal

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STOCKHOLM, Sweden (Oct. 27, 2004) — Volvo AB and Renault S.A. have settled a three year-old disagreement the companies have had since Volvo’s acquisition of Renault VI/Mack.

According to the acquisition agreement in 2000, AB Volvo received 100 per cent of the shares in Renault’s truck subsidiaries, Renault V.I./Mack in exchange for 15 per cent of the shares in AB Volvo. Since then, AB Volvo and Renault have had ongoing discussions regarding the value of certain of the acquired assets and liabilities of Renault V.I./Mack and certain warranty claims.

Renault will transfer EUR $108 million to AB Volvo, ending the disagreement the two companies had in relation with the Mack acquisition.

— from Yahoo News, via Reuters

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