AB Volvo’s Board of Directors said Monday that it has made an offer of $1.06 billion for Japanese truck manufacturer Nissan Diesel.
Volvo already holds 19 percent of Nissan Diesel.
“Nissan Diesel’s products and know-how represent a valuable complement to the Group’s truck business,” says Leif Johansson. “Nissan Diesel holds a solid position in Japan and the rest of Asia where the Volvo Group foresees substantial growth potential.”
“I believe that the merger is the best alternative for Nissan Diesel’s future,” said Iwao Nakamura, President of Nissan Diesel.
In Japan, Nissan Diesel holds a 24 percent market share in heavy trucks and a 15 percent share in medium-heavy trucks.