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Volvo offers $1.07bln take over Japan’s Nissan Diesel

Volvo offers $1.07bln take over Japan’s Nissan Diesel
# 20 February 2007 11:40 (UTC +04:00)
The Swedish big truck maker made a $1.07bln offer to take over Japan’s Nissan Diesel Motor, APA reports. The $4.52 cash per share offer, which represented a premium of 32 percent based on the Japanese company’s average share price during the past three months, both sides said. Volvo, which already owns 19% of Nissan Diesel, is the world’s second-largest truck maker after DaimlerChrysler AG of Germany, while Nissan Diesel is Japan’s fourth-largest truck maker.
By combining their procurement and product development, the firms could save $260mln annually, said Volvo. Nissan posted net profits drop to $865mln during the October to December quarter, from 135bln a year earlier. Nissan Diesel is the only one among four Japanese truck makers that has a production site and sales network in China. /APA/
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