Keep on trucking

28 May 2003 By Rob Cox Follow @rob1cox

Now is hardly a good time to sell 45% of a truckmaker, especially when another investor blocks a full takeover. But until Volkswagen dumps its even more disastrous investment in Scania, Volvo is stuck.

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Volvo is lobbying the European Commission to give it more time to sell its 45.5% stake in Scania, which antitrust regulators required the Swedish conglomerate to sell by April 2004, according to the Financial Times.

Volvo was required to sell the stake in its Swedish truckmaking rival when it bought the truck operations of Renault in 2000.

The company decline to comment on its discussions with regulators.

Volvo paid SKr264 a share for the shares, which traded at SKr180 on Wednesday.

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