A couple of days ago, Volvo Cars has been able to take hold of 96% of all of the shares of Nissan Diesel and the deal was set just right about the period that was given to them. And now, the Volvo timing chain creator and manufacturer is working out so as to purchase the rest of the shares to make the whole Nissan Diesel deal be theirs in totality.
On the other hand, Nissan Diesel is still in the process of working out the rest of the whole process. May 11 is the set date for the company to actually send out the total report for the whole year of 2006. But as of present, it is already official that Volvo already now owns the mentioned amount of shares of the whole number of votes.
Leif Johannsson is the chief head honcho for Volvo and he does accept, “It is pleasing that we received such a level of acceptance. We foresee major mutual benefits for the Volvo Group and Nissan Diesel with this transaction and it is highly satisfying that owners in Nissan Diesel share this view.”
The company did also further say that they are making out further deals so as to own the rest of the shares remaining with Nissan Diesel. They also do believe that they can work out such in no time flat for it is already in accordance to what the Japanese law states. Volvo is also working out a deal so as to take out from the Tokyo Stock Exchange the company Nissan Diesel. They are estimating that it would take up until September 30th of this year to complete such a goal.
The whole deal was no cheap task for Volvo. In fact, it has been disclosed that 7.4 billion SEK was spent and invested so as to get hold of the shares that the company now holds. Come March 29th, the payment would already have been completed.
Volvo does need some approval from several authorities to make the whole deal legal. They are expecting approval from authorities from the US as well as from South Africa. So far, Volvo has already gotten the go ahead from the authorities from the US.
By: Glady Reign