Volvo has become a major shareholder in Nissan Diesel with the purchase of 40 million common shares — 13 percent of all shares — for $1.5 billion.
“Nissan Diesel has undergone a major and positive change in recent years and is today one of Asia’s leading manufacturers of trucks,” said Leif Johansson, president and chief executive of Volvo. “Nissan Diesel’s and the Volvo Group’s products and geographical coverage complement one another and this transaction opens the possibilities for cooperation within production, sales and aftermarket.”
Volvo says the transaction strengthens its Asian strategy and provides access to Nissan Diesel’s dealer and service network in Japan and Southeast Asia. Volvo and Nissan Motor are also going to discuss possibilities for cooperation in the Chinese commercial vehicle business with Dongfeng Motor, which is now half owned by Nissan.