Nissan to sell most of truck division stake to Volvo
Afp, Tokyo
Nissan Motor said Tuesday it will sell 13 percent out of its 19 percent shareholding in Nissan Diesel Motor to Sweden's Volvo for 1.5 billion Krona (195 million dollars). In addition to the immediate sale, Volvo has an option to buy the remaining six percent share of the truck maker from Nissan within the next four years, said the Japanese and Swedish automakers in separate statements. The deal was signed Tuesday in Tokyo between Nissan President Carlos Ghosn and Volvo President Leif Johansson. "The transaction strengthens Volvo's Asian strategy and is intended to provide Volvo with access to Nissan Diesel's dealer and service network in Japan and Southeast Asia," Volvo said in a statement posted on its web site. The deal will "create a possibility for further industrial cooperation with Nissan Diesel in such areas as engines and transmissions," Volvo said.
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