Volvo To Fork Over $890M For Chinese Truckmaker

Law360, New York (January 28, 2013, 12:37 PM EST) -- Volvo AB will pay 5.6 billion Chinese yuan ($891.6 million) for a hefty minority stake in Dongfeng Motor Group Co. Ltd.'s commercial truck manufacturing unit, it said Saturday, a move that will make Volvo the world's largest supplier of heavy-duty trucks.

Under the terms, the Swedish automaker will take a 45 percent stake in Dongfeng Commercial Vehicles, a newly formed subsidiary of the larger Chinese group. Volvo did not say how it would cover its buy-in, which is subject to regulatory approval and expected to be completed within...
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